Not something I see myself needing, but I see the name cropping up quite a lot and thought it encouraging that a Vegas version will be released this summer, accourding to this website
Much of the render time is likely due to the interlace->24P conversion. The version for Vegas won't even offer that option, it's primarily the "look suite" and not the de-interlacer/de-artifactor.
AE render times are a massive hit, even without the 24p conversion. As with anything th emore you do the longer it takes - with Magic Bullet there is a lot of options so each time you "add" something the render takes longer. I found that DFT Digital Film Lab takes less time to render and, to me, works as good for the look. However neither are currently out for Vegas however if you have RedGL you can use DFT Digital FIlm Lab in that - so you would have access to it via Vegas.
Perhaps Vegas 5 will be optimized so when the Magic Bullet plug comes out render times will be quicker than they would be in AE.