How to save trimmed AVCHD 720p clips without any recompression? I've tried "smart resample" as well as "disable resample" but it seems Vegas is always resampling... If Vegas is unable to save AVCHD without recompression - what other tool may I use? I just want to do simplest edit - only cut & trim my AVCHD clips.

That is a limitation of the Sony AVC encoder itself. "Smart" rendering for AVCHD works only if the video is in 1080i. All 720p video is always recompressed.

There must be a tool out there for this purpose, just like there is for avi clips, mpeg clips, etc.

See if VideoReDo TV Suite (http://www.videoredo.com/en/ProductTVS.htm) will do what you need.
There's a free trial so you have nothing to lose.

I just realized Tempgenc migh also do it, but it' not free.

See if VideoReDo TV Suite (http://www.videoredo.com/en/ProductTVS.htm) will do what you need.
There's a free trial so you have nothing to lose.

That would not be the right program, based on the OP's needs: Other than simply removing the ASF wrapper from .dvr-ms files, the only export resolution that's supported with the current release is standard definition (480i or 576i).

In addition, the Sony AVC encoder's output is limited in native support to 1080i, 576i, 480i and 240p (low-definition 240-line video is the only progressive-scan format that's natively supported by the Sony AVC encoder). The OP has 720p video - but the Sony AVC encoder will convert that to 1080i and then back to 720p whether he likes it or not. This double-conversion reduces image quality.

Randall, thanks for the clarification I read some of the specs but obviously not enough.

Thank you guys very much for explantions. So triming & no resampling on 1080i footage would work in Vegas?

In addition, the Sony AVC encoder's output is limited

You mean Sony Vegas when saying "Sony"?

No, Waldi, he means "Sony". When you go to the render list, it reads "Sony AVC/MVC".