I am trying to use it for the first time and I can't CC. I CC each video track but it doesn't work (see attached). What needs to be done to use CC files in simple multicam editing. IT IS NOT A ROCKET SCIENCE, SONY!!!.
Is it possible at all?
(but please don't tell me that I must render each file with CC before I use it in my project, it would be just plain stupid).

You have to color correct the MEDIA on the Project Media tab. Then it will carry across to the Master track. You can't color correct at the track or event level and use the built-in multi-cam feature.

If you want to use a third party multi-cam (i.e. Excalibur or Ultimate S), then you can color correct at the event level and it will be carried over to the master track.

I thought I did it (I color corrected the main media tabs of each track - see attached image) Isn't it that Media Tab you are referring to?

No. You added to the TRACK. Look at the tabbed area above where you have Explorer, Transitions, Video FX, and you'll also see one called Project Media. Go to that tab and then do your color corrections there. At this point I would copy the color corrections from your tracks to the correct media in the Project Media tab. Then you can delete them off the tracks.

Thank you Edward. Would it be easier if we could do that simply in track field. It was known limitations in version nr8, was not addressed in V9 and now we have V10 and 11 coming any day. Again, It is not a rocket science for programmers.
On the other hand it is so irritating when in Plug-In Chooser - in Video Event FX window it is impossible to double click on particular filter (for example Sony Color Corrector) to be added to media instead it must be clicked once (highlighted) and then you have to move the mouse to the right and click OK. So annoying.

FWIW, The last few multi's Ive done Ive used this workflow, may be of use to some people.

Have each cam in a separate project, get it set up, arrange any gaps etc.
Save as a veg.
Drag the vegs into your multicam project, sync, make your multicam track.
Do all your cutting.
Sounds simple, benefit is,
You can do your initial CC in each cams separate project so when you are cutting in the Multicam project you are looking at the CC'd version without the slow down in preview because Vegas has already made a SFAP0 image of the file.
If you want to tweak the CC on the cams, you can just have all your cams open in separate comps,
eg. Go back to cam1 project, drop a little more red out with curves, return to the multicam comp, wait about 10 secs for the new SFAP0 file to be built, and you are previewing again like there are no FX on the cam.
There is no reason why you cant apply CC to your Multicam project at an event level if you had a very dark or very light shot, or you want special FX on certain shots.
This is more for the "Look" of the whole project, example below.

Another solution is to use Ultimate S or Vasst Multicam for Vegas, then all of these issues are moot. I'm sure this is also the case with Excalibur. You apply any FX at anytime during the project, color correcting as you go along in Multicam mode, or whatever. Multicamera editing using these programs does not effect anything else about the tracks. I never understood this aspect of Vegas multicam.

I understand that the multicam feature comes with Vegas and is free, but I've never been tempted to use it, it's too unfriendly for me, just like the titling feature.

Jeff,
I agree with you! The titling tool of Vegas is just horrible. It is so complicated and it looks like it was deisgned using different than Vegas logic. I am familiar with After Effects but this software is a piece of work.
Would you believe they don't even have lower-thirds quick templates. For those who would like to design quickly lower-third good luck...

oh boy, let's not go there!!!!!

talk about an abomination.....

Ultimate S and (I think) Excalibur have lower thirds as well as multicamera, and photomontage tools, audio tools, the list is actually too long to list. Trials are completely functional.

You have to color correct the MEDIA on the Project Media tab. Then it will carry across to the Master track. You can't color correct at the track or event level and use the built-in multi-cam feature.

If you want to use a third party multi-cam (i.e. Excalibur or Ultimate S), then you can color correct at the event level and it will be carried over to the master track.

Yes, use Excalibur, I lost two religions trying to use the built-in multi cam feature on Vegas.

hey steven, REM did it without an nle ;-)

Lol, took me a second