From what I understand, some use this setting to color correct for projects that are going to DVD. They then remove the setting prior to export. I filmed a person wearing a very dark suit and the black is being totally crushed to the poit where all the detail is lossed. when I render with Computer to studio RGB left on, the footage looks fine. is there any reason I cant just leave it on upon rendering or am I missing something?

You are entering a whole World of Hurt.

I've been reading and learning about this for maybe 10 years now, and what it mainly comes down to is the crucial way Vegas displays the Media in Preview and the output from your camera/device.

Here's the thing: Vegas will show you EVERYTHING about your footage. It wont change or adapt anything. Some people do NOT like this, others say this is how it SHOULD be.

OK, appreciating that this state of affairs IS the status quo, you/me/us have to keep an eye on the workflow and design-in within that workflow what our final output will be: INTERNET - DVD platters - Projections. All of these, maybe more, and as you have discovered, require their own particular render "Levels" Treatments.

Oh yes, do NOT forget your Monitors either! They also have the option in Vegas to have a Levels FX added to them:

is there any reason I cant just leave it on upon rendering or am I missing something?

I leave it on for every project going to DVD. Specifically I apply it by putting Sony Levels Computer to Studio on the video bus track so that it is applied project wide. I do NOT apply it to projects going to MP4.

This target, which I created over 10 years ago for use with stills when editing and printing, may be of some assistance when assessing your highlight and shadow areas. Its profile is adobeRGB1998.

http://www.ashtonlamont.co.uk/quick-screen-and-printer-checker.png

You could look at it in the timeline, on a 2nd monitor, in various rendered projects etc. But be aware that Vegas treats video footage differently - there is a complicated relationship between camera, codec etc. So stills are not the end all. The main cams I use are 5DII's Panasonic AC90's and TM900's and GoPro2's. All 1920x1080 AVCHD. They all seem to come in as 000-255.

Applying the Levels "correction" works great. Then as might be expected if I view a DVD on a computer it looks washed out and if I view an MP4 on a TV it looks too contrasty.

Pete

This extension (http://www.vegasvideo.de/extension-previewlevels-en.html) might be helpful (also works with Vegas Pro 13).

I leave it on for DVD media and off for MP4/Internet media.