I am thinking of purchasing the Panasonic HDC-TM700EP Black , full hd 1920x1080- 60 progressive recording. I have the computer to handle rendering but, there is only AVCHD 1920x1080- 50i format available on Movie Studio, no progressive.
I believe that camcorder can also be set to shoot in 50i. If so, that would be the best format to shoot in if you plan to edit it in Vegas Movie Studio.
I'm not sure what Panasonic's strategy is in offering a 50p/60p video in a consumer camcorder, but it's giving lots of editing program's heartburn.
You can probably use 50p/60p in a standard AVCHD project -- but it's likely the program is going to bog down and your project is likely to require pre-rendering regularly.
You customize it, and you export as MP4. AVCHD or BD disks don't support 60p, it's not part of their spec. Only 720-60p is, not 1080-60p. So for that format you need to export as MP4, and get a very powerful device that can playback such files, e.g. PS3 or the WDTV Live, or your PC connected to a TV.
If you want to export for the web, you want to switch your camera to 1080/30p anyway, since no online video site supports above 30p. Overall, not a great idea to shoot in 60p in terms of compatibility with devices/players/services.