This video is a proof of concept, to learn about Sony Vegas generally and video editing specifically.
It was done in two passes.
The first was to render the timecode in the corner, over the entire 5hr+ video. Other image related stuff (contrast, colour correction, lens correction, camera tilt correction of 1.6 degrees) were rendered on that job too, but were done *before* the timecode, to prevent that getting distorted.
The first render took 50 hours, on an i7-970 3GHz 6-core win7-64 machine. The generated file was as close as possible to the camera format (1080P 50FPS AVC 25mbits/sec) and was 45GB.
The second involved removing unwanted footage (the great majority of any flying video), cutting out remaining unwanted sound track (which, having been done with a separate mp3 recorder connected to the intercom, obviously included cockpit conversation) and adding subtitles.
The second render was much faster at 2 hours and generated a 4GB file. The output size was 720P not 1080P because the lens corrections (which inevitably involve cropping) would obviously involve pixel replication if generating 1080P again.
Also Vimeo wastes a lot of quality, downsampling everything to about 5mbits/sec. And finally many computers cannot play 1080P smoothly.