As for today, all UHD capable Mirrorless cameras from Panasonic, Sony etc shoot H.264.
If you try editing that in VP14, doing color corrections and so, trying to render it into mp4 3840x2160, the program hang after few seconds of rendering and nothing you can do about. This is on a PC machine with Xeon cpu so no horse power problem.
By the way, if you just do simple editing as cut and paste, no problem (but this is not why we need Vegas).
This is exactly the same behavior of VP13, so no improvement here.