I just received my VV3 upgrade today. Actually got a retail "boxed" verion. Anyhow includes demo of SpiceMaster which gives you far more options as far as filters, transition control and other goodies. Maybe I missed it, but didn't see anyone mention it before. Anyhow details here:

http://www.pixelan.com/details/vegasv/info.htm

Not cheap if you go for the whole package of 500 effects, but for you die hard video fanantics...