please take a look at this file and tell me what you think this guy used to transition both event. I've tried many combination so far but it never comes up to that end result
My spyware reports Avenue A on the site you reference. Vegas won't open the video portion. So watching the little clip flash by is seems all the transition is involves bumping up the brightness till its blown out. You can aproxmiate that with color corrector pushing the gain way up for several frames starting with less going to the maximum you want then fading it out again. If you want to get more fancy use a mask to apply to only portions of the vid.
Sorry about the spyware i will be on the lookout , I've been using it for quite some time and hadn't had any problem so far.
Well it was kind of a flash but your are right , seems the gain is getting push up. As for the mask I will have to go back to your tutorial for that HIHIHI :)