I just noticed that in the new V8 compatible build of UltimateS, the "adjust transitions length" function is broken. It doesn't work in Vegas 7 either. One build earlier works fine.
Anyway, of course I am in the middle of a simple outdoor event coverage project where I need this. It doesn't work, and because I have done the last days work in the new V8, I can't do it in V7 either. AAHH!