I have used Ulead and Pinnacle and neither of those does AVCHD smart rendering. The only program that I found that smart renders AVCHD is Nero Vision. You can render an AVCHD project in real time if you don’t use too many cuts and transitions. The only problem is that the editor is very simple and has very few features, but it is a great improvement from the Pixela garbage you get with the camera.
I too am crossing my fingers that the next version of Vegas has smart rendering of AVCHD with a 1920×1080 AVCHD template.