Thanks for the hints. I’ve figured that out. It definitely has to do with deinterlacing.
If I drop the test file on the timeline and look in the clip properties I can see that Vegas interprets it as “interlaced upper field first” for some reason.
Without changing that, if the project settings have deinterlace method set to “None” or “Blend fields” it renders a nice and smooth image. Perhaps you had your project set to one of these.
If deinterlacing is set to “Interpolate fields” – here come the jaggies.
If I switch the clip’s field order to “None (progressive scan)” Vegas renders it all nice and clean with ANY of the project’s deinterlace options.
As I have learned Vegas does not recognize the field order of a progressive scan AVI thinking that it’s interlaced – that happens even if I drop the AVI just rendered by Vegas with progressive scan option. And if the project settings are set to “interpolate fields” Vegas tries to do some weird stuff.
Gotta be careful to match clips and projects interlace settings in the future.