Do you need it? Depends on what kind of shooting you do. I shoot theater and live stage events and my productions are very linear. Two or three cameras, synch up the tracks then transition between the selected cams. I do not install or use the MM because I don't see where it would help my editing style. If you do documentary or lots of "B" roll shots, then you will need some kind of media manager.
Think of Media Manager as a kind of librarian of your events (clips). Searchable by name, category, author, etc.
Of course, if I am wrong (I've never used MM), I will be royally flamed now.
I find that media manager helps me find shots from a few years ago. It's very quick and I really don't do any more than let it run while I work. It helps that all my media was initially logged with very descriptive names.
Meno, it might not be installing if you're on Vista64 or if you've got some strange thing going on with Dot Net 3.0. MM needs this component to run, and you may need to preinstall it manually. Normally the Vegas installer goes and gets it from MS.
I'm on XP Pro, and dot.net 3.0 is installed. It kind of doesn't sound like I need it, since I keep all footage on an external hard drive until I use it. Also, some is on DVD's as AVI.
I pretty much know where everything is, I have it cataloged in another program.
Thanks for the help. Now on with the learning curve. I will be doing much reading here on the forum!!