Well after many hours of testing, I'm sold on the fact that preview render quality looks the same as good for 95% of the things you can do in Vegas. This is for rendering out to DV. I know for a fact that preview quality doesn't do frame resampling. But my limited slow-motion test look better at preveiw quality than good quality with resampling set. And it's realtime to boot. Yep, realtime.
With something like the deform filter, I can see just a little cleaner edges with the good setting. Also a little better detail on the squashed area of the picture.
Most everything else looks the same, and renders up to 6 times faster.
So just what is going on behind the scenes with the different quality settings? Not worried about Draft.
For anyone that wants to check this out themselves, all you need to do is use the OHCI external monitor feature with recompression activated. Anything that would render will be using the DV codec, as the preview window will say. Now you just need to bounce between preview and good and watch you monitor.
Things you find that look better with the good setting can be region rendered, then just print-to-tape at preview quality (Vegas 3 only).
Craig H.