I downloaded a trial version of Cineform HDV and used it to capture clips from my Canon XH-A1 - using the setting to automatically convert the clips to Cineform intermediate. I used the match media settings option to set the project settings. I then rendered a video twice - once using 32-bit and then 8-bit. The 32-bit version looks a bit more washed out or less vibrant than the 8-bit version. Is this how it's supposed to work?

It's probably because of the levels conversions going on:

http://glennchan.info/articles/vegas/v8color/v8color.htm

You kind of have to refer to the table in that article.

I guess I still don't understand. If I use 2.222, will that give me more vibrant colors than 1.000?

As I read your article, Cineform decodes to Studio RGB. Is this why the 32 bit looks a bit washed out compared to 8 bit? If so, do I need to convert to computer RGB - and if so, how is that done?

See my response in the Sony forum.

(And please, if you can, don't cross-post on forums. It makes conversations hard to follow.)