I use Vegas Pro 8 and like it as an editor. It does everything I need and I am very familiar with using it. Recently I had an opportunity to observe a friend using Premiere Pro CS3. I really dislike the way it renders everything on the timeline. Ask any Premiere Pro user about the red line at the top of the timeline. It means wait while every change you make on the timeline is rendered. What a pain in the ass! The Vegas method of preview real time rendering is a much more editing friendly way of doing things. Am I missing something?
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I like Premiere, I find Vegas too kiddie. It's just a preference thing. Both of them are great tools. I have Vegas one version back, along with Architect. I tried to force myself to learn it, I like to be adept at many tools (helpful in the workplace, or the resume), but it wasn't my thing -- at least not at the time. I may force myself to use it if and when I start doing more Blu-Ray, on the current version.
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