Question, what, if anything, will I gain by adding a Blackmagic Intensity card to my desktop. Cam is HVR V1

At the moment, the Intensity card does not support Vegas. Hopefully we'll see a new driverset where the Intensity can support Vegas architecture at some near point.

Thank you for info, without looking into something like a guy might go and buy this card and then find out it woudn't work, are there any similar cards out there worth looking into?

Not directly. There is the Convergent Design HDMI box, which requires you to have an SDI card; that combo will cost you around $1000.00