For the purposes of this thread you need the following materials:
SLOG3 footage available for download in the video description here:
Sony SLOG3 conversion LUT available from Sony's pro site:
(you want S-Gamut3.Cine/S-Log3)
You should also download and install Davinci Resolve on your machine if it isn't there already
Don't get hung up on the sample footage -- you can use your own provided it is set to SLOG3 and color space either SGamut3 or SGamut3.Cine. I just wanted to give you something you could play with that has skin tones in it, and this is what I found on the internet. For our purposes, things with skin tones, yellows, and greens will give the most dramatic results.
Let's start with Davinci Resolve. Open Resolve, import the clip, put it on the timeline, go to the color page, drag "Color Space Transform" onto the correction node, and set the appropriate input gamma & color space. I am assuming he shot these using SGamut3.Cine. There are other ways to handle Log in Resolve but this is the one I recommend.
Here's how Resolve decodes the footage:
That's a very nice result.
Now let's use the Sony LUT file in an 8-bit (or 32-bit video levels) Vegas project. I assume this is straightforward for you, but either add the LUT filter to your clip's fx chain, or directly add the appropriate Sony LUT in the Color Grading panel, and you should get this result:
It's not exactly identical to Resolve, but the colors match, and as a starting point for a grade, this is absolutely an acceptable result.
Now let's switch to Vegas' 32 full range (ACES) mode**:
Clearly there's a big color shift, especially in the greens, yellows, and skin tones. If you are using this workflow, you're going to have to start by trying to address the color shifts and the weird boost in saturation.
As noted above, you can definitely come up with clips that will look a whole lot worse in 32FR than this. This is just something I found freely available on the internet to get you started.
**Be sure you right-click on the clip in 32-FR mode and set the correct color space -- in this case, SGamut3.Cine
I don't consider myself well-versed in Vegas' ACES mode, so it is possible there is something I'm missing here. But it sure looks like Vegas is not correctly decoding SLOG3 in 32-FR mode.