Yes, BJ, you're right that the existence of a 10 bit codec doesn't guarantee anything. But this is practically a FCP specific codec developed when FCP got its' new render engine, it's a different story (although is totally compatible with BMD 10 bit codec). Remember that the low cost 10 bit revolution started with FCP/Kona in 2002 (Blackmagic wrote the drivers for it). At the time (FCP v3), FCP was at a simliar point to the one you discribe for Vegas - 10 bit capture, but no 10 bit processing. In V4 this changed and this was aknnowledged in so many places I wouldn't know where to look at. If it helps, I can send you a screenshot of the video processing settings window, the one where you choose 8 bit RGB, 8 bit YUV, or high precision YUV (float) for 8 and 10 bit YUV sources. If I remeber correctly, some developers have pointed out that some effects seem to indeed truncate to 8 bit, but that's not a limitation of the render engine itself. Still not sure? Do this simple test: Go to any FCP suite or demo system (including a Firewire DV one), generate a gradient with FCP's gradient or highlight generators, turn high precision on and off and watch banding artifacts appear and disappear :)
Also FCP's manual is quite good, and they write it assuming they already sold you the product, right?
Adolfo Rozenfeld
Buenos Aires - Argentina
http://www.adolforozenfeld.com
adolfo@adolforozenfeld.com