Vegas Pro 9.0c, but not 9.0d or 9.0e, will smart render AVCHD (H.264) clips that have not been touched in any way (although some people have said not always). Until such time as Vegas provides full smart rendering of AVCHD, you may find these two products helpful for smart trimming and combining AVCHD clips:
Smart Cutter Ps/Ts (PORTABLE) Ver 1.2.8f
http://www.fame-ring.com/products.html
VideoReDo TVsuite version 4 (pre-release only at this stage).
http://www.videoredo.net/msgBoard/showthread.php?t=15759
If the object is to make AVCHD discs or Blu-ray discs, it is desirable for best quality (and to save rendering time) to not have to transcode AVCHD unnecessarily.