It's a start, people. No one should be expecting miracles from a cloud/browser-based collaborative video editing, at least not yet. This will mainly compete with iMovie and Windows Movie Maker. And honestly, it probably won't take a lot of development to get to their level. It might be better than WMM already, for all I know. The fact is that up until, well, 2012 a true cloud and browser based collaborative NLE seemed like science fiction. Now it's here, so I'm not surprised it's not a Vegas replacement.
That is kinda, well, the point. I guess you could try storing your project files on Google Drive and use Vegas instead, but it wouldn't be possible to do actual real-time collaboration, which is what this project is all about.So you have to use Google's built in editor to edit your files?