Color grading quicktime reference files
 

I've noticed on these forums that people recommend not to grade the M2T HDV files but rather to transcode them to a more robust codec. I was wondering if anyone had tried grading with quicktime reference files. I use AVID and also Vegas, depending on what job I have on. I like the range of color grading tools in Vegas, so I am thinking of exporting my Avid sequence as a quicktime reference file, which I can finish in Vegas. Has anyone tried this?

Thanks,
Chris

I tend to just drop mts files direct to the timeline, do whatever I need to do, and render out to my desired format.