I was just wondering which one will be better to get to be able to do real time editing and cutting of the 550D footage in sony vegas, Cineform Neoscene does chroma interpolation which is good for color grading footage. I am still on Sony vegas 7.
I grabbed Epic 1 too and am happy with it. It eliminates a step and is cheaper. However it wll not work in Vegas 7, you must have 9 and it wont work for doing stuff in After Effects etc. So it sounds like the solution for you would be Neoscene or a free route would be MPEG_Streamclip and Avid's DNxHD which is just as good.
I actually find DNxHD has problems when I edit in Vegas 9. I get alot of missed frames but only after I start layering on color and effects and I'm using a quad core. These issues are probably being address in the next update, so, we'll see if we need anything at all to help playback coming up.