Paul,
You’re right. It does not work for PSD files very well. When I tried it, it does open the take as a PSD, not a flattened image, and I can make changes just fine in Photoshop. I can save it and close Photoshop with no problem, but once back in Vegas, it thinks the media file is offline. If I close the project file and re-open, it shows the edited image file just fine. That would be a real pain if you have a complicated project file. There is definitely a bug in Vegas. The option to “close media files when not the active application” does not work very well.
When using Photoshop with Vegas, I’ve also experienced the same problem that the file will not save in Photoshop and usually I’ve just closed Vegas or saved to a different file name. Since it doesn’t happen that often, I’ve generally just lived with the problem. I’ve downloaded Process Manager and will give it a try the next time it occurs.
Another annoying thing is that the taskbar icons often disappear when using Photoshop and will definitely disappear when using the Open in Graphics Editor script. Fortunately, there is a script written by the Vegasaur people that will easily restore the taskbar icons. Post back if you need it. In any case, thanks for posting your workaround.
wwaag