In V4, it's even better than it used to be in VV3!
And to top it all, there's a few tricks of the trade; just try to do a search (right here on your top-right) and type "film look" or "film" or "24fps" and so on: you may be gladly surprised... ;D

Thanks guys.

My overall idea is to find a realistic film effect. Use the excellent qualities of DV and editing with the softer look of film.

I'd say give Premiere a try. I use it at work and find it the equivilent of goinf from a brand new car (vegas) or an old buick (clunky, slow to respond, something i could do without). But, like I said, give it a try. You can't really say it "sucks" until you've tried it.

I presume you are refering to the BigFX Film FX plugin? Yes it is very nice , but you don't need to learn the dog that is Premiere (woof) to use it. If you can afford it, learn After Effects and buy the BigFX plugin to apply to your final renders from Vegas.
I have gotten some nice results from that plugin, but now I tend to just use Video Output FX in Vegas to treat the entire project. A good looking film style effect is to use (in this order) : Color Curves (Blaken the blacks and boost the whites with an "s" sloped style curve), HSL adjust to between (70-90) depending on the look in mind, Film Effects (I still like the original plugin, but the new grain plugin is more realistic) ..just grain between 0.050 and 0.100, Gaussian Blur (0.001-0.002 on the hor and vert) and Broadcast Colors to keep it safe (I use the conservative preset)

Hope this help ya!

Thanks - more info please....I think your getting me on the right track.
Yes, it may have been the plugin you mentioned. Ok, Im a newbie, so After Effects is it own package right? Please explain.

DV camera to Vegas - Edit - Render out to mpeg using DVD Architect compression - then use After FX and Big FX Plug - or where exactly does it fall into the process?

Yes, Im looking for a subtle or realistic film effect, not and effect basically. The look of film from a video...(if feasible).

Yes, After Effects is a pro compositing app made by Adobe, and probably the most widely used by prosumers/professionals . The FilmFX plugin (made by Big FX) is an AE compatible plugin that costs about the same price as Vegas itself, so unless you have big bux, then you would be best to use the tools in Vegas( as I outlined in the last post) to simulate the "film look".

The problem with DV footage is that it generally looks too sterile and harsh (aside from the fact that it is compressed by a factor of about 5) and needs to be softened, colour corrected and maybe grained to give it that look we are used to seeing from the pros. But make no mistake, it will never look exactly like film unless you use film! The main advantge of a plugin like Film FX is that there are presets that have been formulated to simulate exact grades and brands of 35/16mm film and they generally look very close, but they do nothing that a good eye (and brain) could do using the tools in Vegas or AE (or any other good video app).

If you did want to go the way of Vegas/AE/Film FX , then you would render out your finished Vegas movie out (preferrably uncompressed if it is short and you have plenty of drive space) , bring this into AE and use the film plugin and render that out to DV or whatever format is suitable.