Don’t know if this will help, since I don’t have Vegas, but here is my experience with Carrara PNG movies. I used Carrara 8 to render a 640×480 4 second animation with alpha, (format: QuickTime Movie with a compression setting of “PNG”) and the resulting file size was huge at 3 GB (I don’t know why).
I rendered the same animation as a “sequenced PNG”, then I used Quicktime 7 (Pro) to open the image sequence and saved it as a Quicktime PNG movie, it was only 8 MB in size and things flowed much smoother when editing.