There are a couple of ways to use Looks. The current version runs on After Effects and Premiere. At least two of us in the beta group used Vegas and requested a version for Vegas. I did point out that Vegas was supposed to beta test a 64 bit version soon and it looked like it would be the first 64 bit NLE out.
The workflow can be done on stills or on a frame in the timeline. There are a bunch of presets which come up in menus on the left side of the screen. They may have one or six tools in them (effects applied).
For example, you have spot exposure. Maybe you have a shot with a bright background and want to light a face that is underexposed. The tools are on the right side divided into about 5 divisions – ones that effect the subject, ones that usually go in the matte box, ones in the camera, post. Drop Looks on the clip, then open spot exposure (drag or double click) and it goes to an effects tray on the bottom. When you click it two circles appear which you can adjust over the area. To the right is a slider which increase or decreases the exposure. It is like turning on a light and you can keyframe it to your subject.
All the tools have great controls. If you up the contrast (contrast tool), that effects exposure so there is a “exposure compensation” slider with it and you see the effects in the scope. Using the tool teaches you a lot about color and what effects what. There are tools like, Warm/Cool — Diffusion — Saturation (each color), Curves — more than you can learn in a few sessions.
Everything works fast. An option runs off a simple trackball. Hit the tilde key and a trackball controls the various elements and you can cycle through them with the tab. Each tool has from one to 7 or 8 contols. Move them and you see what it does to the shot.
When you get a Look you like, you can save it to a “Customs” folder with the other presets. The whole idea is you can do a lot to a shot quickly and if you want to learn colorization I can’t imagine a better tool or teacher.