Got an MPEG-2 video that was encoded elsewhere. Plays fine in Windows Media Player, but when I import it into Vegas the picture is gone. There's a video track but it's completely black. Sound is normal.
Did a similar operation using Vegas 10 about a month ago from the same source and that was fine.
Pixel dimensions look a little hokey. I rendered out of Vegas 11 trying to match those properties and Vegas would only render to an even number, 486. The result did open in Vegas, though.
Un-scientific Wild Guess. Have you tried running the video through VideoReDo Quickstream Fix?