I just found this
http://www.vasst.com/product.aspx?id=5830e4f9-d99b-4d0b-908d-aa4954c324a3

it sounds like it would make editing so much easier.

How long does it take to convert the clips ?

It takes the same time Vegas takes to render/transcode. It is Vegas doing the rendering, Gearshift automates the button pushing.

Some formats really need it (AVC HD), and for other formats you don't necessarily need it. If you are on a slower computer then Gearshift will help.

How does the dv proxies work or is that something you can do yourself too.

How does the dv proxies work or is that something you can do yourself too.
While you can do everything yourself that GearShift does, GearShift just makes it easier and quicker. It will automatically make the DV proxies and shift between the proxies and HD media when need. It all depends on what your time is worth. Do you want to push one button and swap all of your media instantly? or spend 20 minutes replacing all of your media one-by-one.

The DV proxies are used for quick editing at SD speed. Then when you are ready to render, you press the ShiftGears button and all of your HD media is swapped in for a hi-def render. Push ShiftGears again and the proxies are swapped back in for more hi-speed editing.

GearShift has a 15-day fully functional trial so you can try it out on a project and see for yourself.

~jr