Red Giant Software was saying that MB Looks should be ready for Vegas early in 2008; on their website, it's not giving any indication that it can handle Vegas yet as a host application. I emailed the company and haven't heard back yet. Anyone heard anything on this?
I'm hoping for this as well but they seem strangly silent on the issue. The new "Looks" is pretty amazing. You can actually add lighting effects to existing video.
I spoke with Red Giant Software today and they said they have run into some strange bugs in beta testing with Vegas and that some of their other software releases are taking priority with engineering. He said it will probably be two months from now. Perhaps a few more friendly calls from Vegas users could speed things up?