Vegas still has MP3 and MPEG capability. Due to contractual agreements with the technology providers, both of these plug-ins must now be registered independently of the application. I know- its a drag for the user, and it was a painful decision for us, but the license fees for each unit is significant and we need an accurate count of units in use.
Registration is simple: try to render to MP3 or MPEG, you get a registration dialog. You can painlessly register online with about 2 clicks, or you can call our 800 # for a reg key. Either way takes a couple of minutes max.