I love VEGAS PRO 12 for cutting; it's just more intuitive than anything else out there and I get my work done 3-4 times faster. I usually run R3D files first through REDCINE-X first, then open them up in Vegas Pro. The only caveat to remember is that any changes you make in REDCINE-X don't necessarily translate well into Vegas. For example, ALCHEMY, or some colors, but no NLE does it right.
Sometimes I export RED trims out of RCX instead of opening the R3Ds in Vegas as trims seems to work faster. I don't use Resolve, so can't help you there.
I'm only considering R3D files here, and of course it depends on the project. I would strongly recommend against finishing R3D in Vegas however. Luckily, this shouldn't be an issue - the offline/online workflow is rather simple. We use H.264 proxies (the same files as dailies, which you can trim and render out of Redcine-X) for cutting, but you could use R3D natively, or DNx/Prores, the choices are endless. From there, it is pretty easy to export to your finishing/grading/sound software of choice.
Vegas Pro 12 has by far the widest range of intercompatiblity with other software. From the Export menu you can choose Final Cut Pro XML for Davinci Resolve (or even X-compatible fcpxml), Pro Tools AAF, or just plain old EDL which works everywhere. (The EDL under Scripting works the best, strangely) Furthermore, you can even export .prproj for Premiere Pro or After Effects, and Media Composer AAF. Once you have locked your piece, you can get it transported to virtually anywhere. And once in your chosen finishing software, you can conform back to the R3Ds.
I'm REALLY hoping that Sony updates Vegas to correctly read the new Dragoncolor and Redgamma4 !!!
Its one of the best kept secrets that Vegas Pro has supported these files for years, and I love the workflow, fast and fluid depending on your setup and no red rocket required because it wont make a difference if you use Vegas Pro only. After Effects is where I gain a lot of power from a red rocket card. This was shot on the original red one but edited all in vegas from sound to everything in between. Not our greatest work but we needed to test the camera out one way or another.
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