AAV ColorLab is a plug-in for Sony Vegas offering GPU accelerated video effects, with emphasis on color correction.
ColorLab has its own internal effect chain. This is separate from the Vegas filter chain, and governs only what happens within a ColorLab instance.

The Adjust effect offers basic adjustments of video footage. This effect is typically used first in the effect chain, to normalize the look of the video before applying other effects.

There is a six-vector color corrector. A nice complement to primary and secondary color correctors, this effect splits the image into six basic colors: Red, Green, Blue, Cyan, Magenta, and Yellow. You can then adjust Hue, Saturation and Lightness independently for each of these colors.

The black&white tool lets you create a grayscale image using a mixture of the primary and secondary colors in your video clip.

Finally, the blur effect applies Gaussian blur to your video clip.

TransLab is included as a bonus and contains transitions that can be used in place of the built-in Vegas ones, for improved rendering performance. The standard fade as well as additive and subtractive transitions are currently implemented.