Is anybody else having a problem with Vegas 7 (latest update) regarding black flashes showing on the timeline and when rendered? Im editing and rendering HDV and the black flashes are not on the original files. Any help much appreciated!

Interesting -- I've seen a couple of random black frames in my timeline footage -- which appears as a dropouts or black flashes when played back. Of course those parts I never used in my final project. Thought that perhaps it was a capture issue...

Tony, this is a known problem and was discussed fairly recently on the Sony forum in the thread black frame in HDV: there, then gone (http://www.sonymediasoftware.com/forums/ShowMessage.asp?MessageID=514641&Replies=21).
Unfortunately there still doesn't seem to be a solution :-(