1080 25p footage in 24p project, what does Vegas do with it?
 

We want to have our framerate as filmic as possible so I'm wondering... What does Vegas do with my PAL HV20's 1080 25p footage in a 24p project? And what does it do with it when I render it out to Cineform 1080 24p? Does it slow it down a frame or does it skip a frame every second?

It will resample each frame, leading to quality loss. The only viable method of getting 24p from 25p has been described by our Bob Grant here:

http://www.sonycreativesoftware.com/...151&Replies=20