I just posted this in the VP 11 - cannot print to hdv tape thread, but it is so important I wanted to make sure that everyone was aware of the problem.
Here is the problem in a nutshell: Vegas 11 does not create standard HDV files.
You can see this if you capture some HDV (which still works fine in Vegas 11 64-bit), put this on the timeline, add a title, and then render out the result (I'm using Vegas 11 build 521 64-bit running under Windows 7, 64-bit), using the HDV template that matches the footage (so you get the "=" sign next to the template).
If you put this rendered footage into Mediainfo and compare it to the original footage, you will see that the footage rendered from Vegas is missing all of the standard header information. If you do this same exact test in Vegas 10.0e (64-bit), the rendered file, when put in MediaInfo, looks normal.
Thus, Vegas 11.0 Build 521 (64-bit) is creating non-standard HDV files, and these files "break" print to tape, smart rendering, and goodness knows what else.
If you take any "good" m2t file (such as the one you captured, that hasn't been altered by Vegas) and ask Vegas to print it to tape, it prints to tape just fine, and it smart renders without any problem.
But, if you take any file that has been rendered to HDV by Vegas 11.0 and then attempt to "smart render" it, Vegas will not smart render it because it sees it as being non-standard. Thus, second generation files (files rendered by Vegas 11) cannot be smart rendered. However, smart rendering is not broken either.
So, in conclusion, both the HDV print to tape problem which has been reported several times, and the smart rendering problem are not caused by either of these features being broken: they are both working perfectly fine. Unfortunately, the problem is even bigger and even worse, namely that all HDV rendered by Vegas 11 is bogus (non-standard) and potentially is going to cause other problems down the road.
This is a priority one bug of the highest magnitude because it means that Vegas 11 is completely broken for use with any HDV workflow.
I have submitted a bug report.
Here is the problem in a nutshell: Vegas 11 does not create standard HDV files.
You can see this if you capture some HDV (which still works fine in Vegas 11 64-bit), put this on the timeline, add a title, and then render out the result (I'm using Vegas 11 build 521 64-bit running under Windows 7, 64-bit), using the HDV template that matches the footage (so you get the "=" sign next to the template).
If you put this rendered footage into Mediainfo and compare it to the original footage, you will see that the footage rendered from Vegas is missing all of the standard header information. If you do this same exact test in Vegas 10.0e (64-bit), the rendered file, when put in MediaInfo, looks normal.
Thus, Vegas 11.0 Build 521 (64-bit) is creating non-standard HDV files, and these files "break" print to tape, smart rendering, and goodness knows what else.
If you take any "good" m2t file (such as the one you captured, that hasn't been altered by Vegas) and ask Vegas to print it to tape, it prints to tape just fine, and it smart renders without any problem.
But, if you take any file that has been rendered to HDV by Vegas 11.0 and then attempt to "smart render" it, Vegas will not smart render it because it sees it as being non-standard. Thus, second generation files (files rendered by Vegas 11) cannot be smart rendered. However, smart rendering is not broken either.
So, in conclusion, both the HDV print to tape problem which has been reported several times, and the smart rendering problem are not caused by either of these features being broken: they are both working perfectly fine. Unfortunately, the problem is even bigger and even worse, namely that all HDV rendered by Vegas 11 is bogus (non-standard) and potentially is going to cause other problems down the road.
This is a priority one bug of the highest magnitude because it means that Vegas 11 is completely broken for use with any HDV workflow.
I have submitted a bug report.