I got V3 with a Vegas update. I also own AE CS6.
Hitfilm is basically an AE copy. It installs a lot of FX which are immediately available in Vegas and I use them a lot. It allows the import of 3D models, which AE doesn't do and the timeline playback is pretty good. I have used the 3D model import a few times and use the FX in Vegas. Im pretty happy as it was a great price with Vegas.
Its not up to the standard of AE yet, but that's were its headed. If you can get it at the right price take it.

thanks for the replies guys.

Do IT work only as a standalone outside Vegas?
I've seen the new plugins it adds to Vegas, but didn't know if you could use HITFILM as an effect on the Vegas timeline.

Different versions of hitfilm have different options in Vegas. With hf2 you can right click on a timeline clip and select to edit the clip in hf. Then u do what you need in hf, save and the clip will retain the changes automatically on the Vegas timeline. Hf3 also has ofx plug-ins you can use in Vegas.

To expand a little on Enerjx's comment ..
From the Vegas timeline, you can open a clip as a HitFilm project, rather like you might use nested projects. So it's a round trip from Vegas, out to HitFilm, then back into Vegas. This works pretty well but I soon found it can eat resources. I was making a project which was basically all ChromaKeyed and I did the keying in HitFilm using this method. The more keyed clips I added, the more the system ground to a standstiil. From memory, doing this all in Vegas would not have been such a problem.
Eventally I just split the project into several projects each around a minute in length. Simple enough to deal with - like with all work, you simply need to work within the limitations of the tools available.and if that's not suitable, search for another tool that is.

ah, got it. thanks!

@wwjd - You need to ask yourself whether you need software for just effects, or compositing -- there is a huge difference. Hitfilm is primarily an entry-level compositing tool though it can be used just for its effects. A lot of compositing can be done within Vegas itself, but this can often be very awkward, as it has never been designed for such capabilities. If you are looking for "Hollywood quality" results, Hitfilm is not the tool for you. But, since you stated that you have "no interest in spending time to become a full blown effects guy", you are probably better off with one of the many available FX plugins out there. At the higher (and more expensive) end there is Boris Continuum Complete (an excellent tool), while on the other end are more affordable plugins such as from NewBlueFX. But remember, you really do get what you pay for.

You must realize that without a compositing tool, you will be limited to as to what sorts of videos you can create. If you are fine with that, you do not need to invest in buying and learning such a tool. However, if you ever decide to get into compositing, be aware that it can be a lot of work, demand a great deal of creativity and be very time consuming. I recently spent over two weeks on a 16 second clip that required over 40 layers of both stock footage elements and procedural effects. In the film industry, it is not unheard of to several weeks on just a few seconds of footage.

Peter

Tim, thanks for your view on Hitfilm, I was always wanting to hear something along these lines. As always, you bring a sense of well ordered pragmatism to film making.

Regards

Graham

Thanks Tech. I already own HF2U so I will stay there and maybe learn it someday. I want to make stories that complete with an ending - not "Indie Bits". But I am only shooting and editing them because I can't afford to pay anyone else to. :)