ok, those two plug-in's range around $75-$100... so, compositing envelopes sounds more feasable... if I knew how to use them. :) and making a PIP with track motion--track motion's probably the thing I've been using to make pans/zooms for my slideshows, right...? I downloaded the vegas manuel--I'm hoping that will help, too.

I have an article in my newsletters where I discuss four different methods of doing 2 or more cameras (the 4th method is with Excalibur {version 3 makes the process much simpler} and a new 5th method can be with Ultimate S for 2 cameras)

The article explains using the composite envelope. It also discusses manually creating a Master track.

a easy way to do it is insert a Mute Envelop on the Top track of your video, then add points to it. When it's mute, you switch to the second video. It's always accurate: it will show either 1st one or 2nd, not half 1st then half 2nd. and it require less mouse clicks than the composite level envelop.

Another good thing about Mute Envelop: you can see which part is mute right away. The mute parts looks dull, the other parts look normal.

I don't think there's any mute envelope in Vegas 4 - which the poster is using. I've never seen it.

Here's a simple low-cost (gratis) method that works.
Put the footage from both cams on the timeline both audio and video. If there is a "master shot" put that on the lower tracks. You'll probably want a few tracks above for stills and text, but that can be added later. (Press ctrl-shift-q)

Align the audio until it matches. If both cams have been running all the time this should be easy. If there's a lot of stops and starts it's still easy, but more work. Audio and video should be locked by default. Make sure you have not pressed the unlock button.

When the tracks are aligned you need to start selecting which bits to keep and not. Spot's suggestion of using PIP may be comfortable for you to work with. Don't use pan/crop for it, use track motion on the upper track header. Just pull the size down, position it and there you go. You just reset it afterwards. For now, keep both audio tracks, but you may mute one of them.

Now then, each time you want to use the lower track stuff, mark the stretch on the upper track video only and delete it. No need to make cuts, just right-click-hold at the left of it, pull to the right and let go. Then press delete. You can fine-tune the edges by dragging them, make them fade in and out etc.

If you want to use transitions, make a fade first by pulling the corner of the upper track video. Drop the transition on the fade, and it's there. If you pull it out to a greater length you may have to re-adjust the keyframes in the transition properties according to the new length. You may have to temporarily disable the PIP to see the proper effect of the cuts and transitions you make (this is why I don't Hurrah Spot's suggestion entirely).

Set in the stills and texts after or during this process, according to taste. When you're done. start working on the audio. If one track is good and one rotten, you know what to do. If they're both bad you may have to experiment to fine the one, or perhaps use both. Or even, dump them both and put on music instead.

This is an easy way to work. You can do more than two tracks also, but then you must make cuts in all the above tracks when you want to see the lower. At a point it may become "feasable" to dish out for a ready-made script like the ones they tried to sell you above. But for the odd wedding or what have you, the method I've described will do you just fine.
Tor

Hey, thanks TorS, that's the most complete detailed method I've seen yet... I haven't tried it yet. If I have any problems I'll post again. Thanks for the transition tips, I was wondering about that, too.