As many have discovered, setting your preview RAM (Options | Preferences | Video) to anything significant like 256 or above will eventually result in severe deterioration of your preview frame rate to the point where it crawls along in the single digits. Only setting the preview to a different mode will clear the RAM cache and allow the preview to be fast for a while until it fills up again and slows to a crawl. That has prompted me to set the preview to 0. The preview framerate is definitely fastest when Video RAM is set to 0.
But when rendering to MainConcept MPEG-2 Vegas only utilizes one processor (25% on my Quad6600). So I have to bump up my Video RAM to 32 and it will use 100%.
It's kind of annoying that Vegas doesn't automatically adjust that at render time. So now I leave it at 32MB but I wonder if someone knows a better workaround...