Don't underestimate Windows Live Photogallery. It's has unlimited tagging and search possibilities and can catalog and index in the background. It has the plus of integrating tightly with Windows, too. It is pretty robust existing on msSQL. It handles both video and photos. Handles raw files with plugins. I'd check to make sure it can digest your video files, but handles the basics. Stuff can be dropped directly on the Vegas timeline, something Lightroom can't do.
Thanks monoaradox, I downloaded/installed yesterday and it seems to do everything I need for the rough edit of those projects that include 1000+ clips.
I've been using Directory Opus for a few years now and couldn't live without it. It's a nice Windows Explorer replacement. You can make file collections with it, but it's not really a full-blown relational database, like what I need and what MM is. If I'm wrong the please let me know and I'll dig into it more!