I'm using Vegas Pro 11 and considering upgrading to version 13 simply because of the export to Premiere function. If it works I could edit in Vegas and then transfer the project to a colleague who edits on Premiere Creative Cloud edition. I'm reluctant to switch from Vegas, and don't want to spend the money if the export option doesn't work.

There are many limitations to export.
http://www.sonycreativesoftware.com/images/products/vegaspro12/VP12_InteropSpec.pdf

The PDF Juris linked to looks surprisingly good.

You could download the trial version of 13 and see how the export does with your combined workflow?

Matt I edit in Vegas & export to Premiere for final renders via Media Encoder, it works but there are limitations. If you simply use Vegas for cutting it works well, if you add effects, etc there are issues.

Thanks Alex, that is what I was wondering. I may well download the trial version and see how it goes.