Haha, you guys arguing it out here is the main reason I visit the audio topics Vegas forum. Of course most of your points raised are valid, but the name calling always cracks me up :)
As an audio and video Vegas user, I notice there being more useful features added to Vegas 4 on the audio side than video. The track automation features and lowpass filter which can be used to create an automated filter sweep much more easily than any other app, the Asio support, 5.1 surround, etc, etc.
The main feature on the video side is the colour correction. But there's not too much else.
One feature I would love to see which is very minor is 64th note or 64th note triplet grid snapping. 32nd note triplets don't allow you to do any really intricate editing. Hopefully SF can add this to either Vegas 4a or 4b?