Vegas 7 - When I do event pans, say on text, the motion will not render to .wmv or .mov. The text is simply positioned at the last keyframe. If I render to mpeg, everything is fine. Anyone have any suggestions as to why this is happening?

What you are describing is very, very odd.
What you see in the preview window is what you should see in the final render, regardless of the format.
Just to satisfy my own curiosity and be sure my mind wasn't playing tricks, I just created a simple text file and batch-rendered to wmv, mp4, and quicktime using Sorenson codec. All three rendered correctly.
Are you sure you've got keyframes that aren't Hold keyframes in there?

re-rendered the files and they rendered correctly. ? I guess stranger things have happened. I must have done something wrong somewhere because it works fine now. Thanks for your help!