Thanks for the nice comments guys.

I use Premiere Pro 2.0 with Cineform AspectHD to capture the footage from the camera (footage is shot to tape). Cineform converts the captured footage to it's intermediate avi format on the fly so there are no m2t files to contend with.

I create my edit and then render out as a master Cineform AVI.

Premiere's WMV export has a limitation of 10mbs (It's beyond me why it caps off at such a low bitrate) so I do not use Premiere to create a WMV unless it's for the Web.

I then import the master Cineform AVI into Vegas 6 and render out a 25mbs WMV for future HD DVD or Blu-Ray use.

I will sometimes export an m2t file from Premiere so I can dump it back to tape for viewing on my HDTV (camera would be hooked up directly to the TV) but I would not use the m2t for a master.

Think that answers everything.