I've noticed that the "selectively prerender video" function improves performance even on straight unmodified Cineform clips where there are no transitions and nothing has been modified. Let's say I drag a clip or two to the timeline, and try to play it with the preview set to best half. My P4 isn't up to this and will drop frames. Now I apply the "selectively prerender video" function. Vegas will do some kind of very fast rendering, and suddenly I can preview at the same resolution with no dropped frames and very light CPU usage. As I watch the preview window during the "Selectively prerender" render, I see nothing, so I know that whatever render is happening is a smartrender. What I don't understand is why this would make such a noticable difference in my preview efficiency.