I have bought it, very convenient for quick home projects and possibly a bit more. There's a video on the Sony web site showing color correctionhttp://dspcdn.sonymediasoftware.com/videos/moviestudio10/VMS_SecondaryColorCorrector.flv
About half of its features are somewhat counter intuitive. But I have the same feeling when using FCP and FCE. Fortunately, what I don't like in FCE/FCP is what I like in Vegas and vice-versa.
The most complex stuff I've done with it is a 3 cameras (5D II, EX-1, Vixia HFS 10) + one sound recorder movie of my daughter playing the piano. While the color matching between the different cameras isn't that great, it is acceptable. Also, multi-cam is theoretically not supported in that version, but there are many ways around that restrictions and most other restrictions of that version of program. Overall, I found it faster, stabler, and much more flexible in terms of input file format than FCE.