I learned about this plug on this forum, and I see they're running a 50% off sale again. Heck, maybe they always do, I don't know, but the NR has saved my butt on more than a few occasions. And it's cheap, about $60 for the whole suite of products or $35 for just NR.
i think it works well too. a little "quirk" with vegas though: after you add it to the plugin chain, f you exit the chain window & re-enter it for that event at a later time, it reverts to the first NR tab. Doesn't change the settings, but it uses the first tab & then any changes you made in the other tabs don't have any effect. To fix it just make sure you click on the tab you used (it won't revert unless you open the chain dialog box again)
I haven't tried it but it doesn't seem as flexible as NR2.
I've spent a lot of time with NR2 and still need to spend more time.
A few things in NR2 take a bit of exploration to get to the point where you can really use it's full potential, like modifying the noise profile, that's a quite powerful way to work. I probably should document my work as a tutorial as I haven't seen anything in depth about how to really unleash the power of NR2.
Now the noise reduction tool that I'd really like to take for a spin is the one from Sony's Oxford division. It claims to be able to track frequency changes in the unwanted signal. If so it could be a more powerful tool.
I think the biggest problem with all of these tools is we only use them when something's gone wrong. We (hopefully) fix the problem, make a mental note not to let the problem occur again and move on. Unlike most other audio tools there's no incentive to keep getting better acquainted with noise reduction.
You know Bob, I agree with you and plead guilty. WRT noise reduction, I use it at least once per project, and it is almost always to fix a problem that existed on the source material. And I'll slap myself for a bad mic placement, etc.
But once, I had a wedding ceremony where the family gathered around the B&G off to the side to pray, the only live mic was the groom's. The bride's father, of course, was far from it just barely picked up anything. During the edit I jacked the level to where you heard every little noise between the groom and the father - father was extremely soft-spoken and didn't even try to project when he spoke - but the NR plugin did an admirable job of cutting the noise, albeit with artifacts. But with a faint music bed underneath it was passable, and the client sure loved it.
I've found it comparable to NR2. both do nearly the same things. I'd say if there were any differences (haven't found any) it's all "under the hood." So it's quite possible one uses a better algorithm then the other.