Is there no lowpass filter on somaple rate conversion? I
tried opening a 44.1 kHz file in Vegas and for kicks tried
changing the output format to 22.05. It sounded terrible.
I suspected aliasing, so I tried creating a tone sweep file
and opening that in Vegas and outputing it as 22.05 and got
terrible aliasing and weird crazy pitch distortion effects.

This makes me think twice about using 48 kHz files recorded
from my ADAT recorder.