The very first clip I loaded into my trial version of Vegas 7 locked up! Hope thats not a sign of thing to come. Its a 1:22 HD clip, 1440x1080x24 25p thats in WMV9 format. Windows Media Player plays it ok, as does Vegas 5 (although sloooow). V7 builds audio peaks and displays preview frames on the timeline. When expanded, the timeline clips show the video from start to finish. However, if I try and play the clip, V7 locks up. I also tried to render it to an AVI file with similar results. The dialog box was still counting time to complete but the preview window never got past frame 3.

To be fair, I have 6 other HD files that play just fine -- I like what I see so far. 5 files are 29.97i mpg and m2t. One is 29.97p WMV9 format so this problem may only apply to those folks using PAL.