Those of us working on the Beta tests have asked for the ability to export LUTs. It's under consideration This is something Vegas needs real bad. Basically as far as LUT creation goes I'm doing it in 3D Lut Creator Pro and Resolve then using them in Vegas in floating point 32-bit video mode. All working well!
The big issue for me is how much of a performance hit occurs when you add the Sony LUT effect... I've got a beefy system and playback falls off the rails.
I've had Vegas since very early days, long before Sony got it, and have upgraded off and on through ver 15 which has been pretty buggy for me. Vegas has gone from my favorite NLE due to straight forward and speedy editing and sound work, to now being somewhat disappointing...
Re why I need to use LUTs? More and more footage is coming in as LOG footage and some producers are expecting a LOG workflow. Some even bring their own LUTs these days. If not I create the LUTs for the job and usually give them to the clients to keep and bring back again on a following job if usable for that project.
Re playback performance hits with Vegas, not really. I'm using v15 and 16 and am playing back at best full 50p XAVC-I with CPU averaging about 33% and GPU averaging about 44% while running a 3D LUT applied at Track FX and various other things like White Balance, Curves, LAB Color etc on a clip by clip basis applied at Event FX. System is an i7 8700k BIOS OC'ed to 5.1GHz running fully optimized RAM timings under BIOS and a GTX 1080Ti card plus a NH-D15 dual fan cooler plus three additional fans. All drives are 2TB SSDs with a write speed average of 500MB sec. So no performance issues what so ever on playback. All renders out of Vegas are at 32-bit floating point to maintain the 10-bit footage integrity. Rendering XAVC-I masters to x264 in Handbrake or Vidcoder both of which drive all 12 threads with their AVX instruction sets to 98-100% CPU utilization and the temps on a hot day might hit 65 degrees. Those XAVC-I to x264 renders run out at about 65 FPS so quicker than real time. All in all pretty happy with the performance. Some jobs I do in Vegas and some in Resolve, depends what's called for.
Must add though that Magix did have one issue on the last build of 16 where LUTs drove CPU to just on 100% and GPU to 0%. A coding error where the use of LUTs was handed off to the CPU instead of the GPU.