This is EXACTLY the kind of colour grading improvement Vegas needs.
It's not just the ability to improve the image in precise ways, its the WORKFLOW EFFICIENCY improvement that comes from being able to grade clip-by-clip without tedius re-opening of multiple effects.
I am somewhat pessimistic that colorgradingcentral will fully implement this for Vegas, so I think MAGIX developers should take a very close look at what they have created. Imitation is the sincerest form of flattery.