I'm coming to believe that I should stop using HDVSplit and start using Vegas to capture m2t clips from my HDV camera. The reason is that the Vegas m2t capture seems to split the clips on existing Iframes rather than simply the point where the timecode changes. I know that the beginnings and ends of HDV clips captured with Vegas are often a couple of frames from the preceding or following clips.
Whatever it is, it seems like Vegas handles m2t clips as captured and split by Vegas better than ones aquired by HDVSplit. They seem to load faster on the timeline, don't stutter at the ends, and seem easier on the CPU.
I am also suspicious that the way HDVSplit separates clips might also be responsible for the dreaded "two black frame" bug that is driving some of us nuts.