Where Premiere is sadly lacking is in Vegas handling of audio and rendering files. There are not many more problems than one can encounter in rendering files. The variety and ease of render is much better in Vegas.
What Vegas could use are a few of the plugins that Adobe gets first because there are more Adobe users – like the new Magic Bullet Looks, but a Vegas version is promised soon. Vegas could also use a better HD preview like CineForm did for Premiere but that isn’t really Adobe. They gutted the Adobe engine to create that.
Premiere is 10 bit, Vegas 8 but that means very little to most users. Unless you are doing a Hollywood movie (I didn’t say just an Indie) Vegas has more features (speaking programs without plugins) and is easier to use. I own Vegas 8 and CS3 Production Suite.
JerryW