It seems to me that if you are working with Vegas 6 and you do a 24p filmlook with Ultimate S or Celluloid, it does the now unneccessary step of rendering each clip individually to 24p. Is this the case or am I missing something?
You don't need to render to 24P in US if you wish not to. So far, my experiments with both, I can see very little difference. There are some motion differences when you have transitions flying around, or pan/crops, but they are likely insignificant.