Creating video effects via .FLM format
 

The best way I've found, so far, to add an array of video filters/looks is to output a section of footage as ".FLM" format and import into Photoshop. Once in Photoshop I can treat the footage with one of the many robust filters Photoshop offers. I then re-import the edited .FLM and add to the timeline.

Is there a better workflow than this to add many graphical filters to video? I know there's After Effects but does it have a filter set as robust as Photoshop?

Lastly if I switch to Vegas how will I tweak footage to this extent? Does it have an .FLM export option?

Does .FLM stand for film strip? I think After Effects can use
Photoshop filters (not sure on this). Vegas might as well. Why
not check out the demo at www.sonicfoundry.com
and see for yourself if you like it or not? You can even download
the full manual in PDF there.

Yeah I believe FLM is short for FiLMstrip format.

It really depends upon what PS effects you are trying to apply. AE has many of the effects that are available in PS, and more, but others may be missing. AE's often described as PS for motion video, although that's a tad simplistic. There is a demo version of the latest version (5.5) available from here (71MB!)