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yeah all editing apps have the blending and chroma key functions.
Some are better than others (AVID kills everyone in Chroma (spectramatte ftw) Key work.
if you're just doing web conversions then you should just be able to output to a H.264 or MOV container and be ok. you'll just have to play with the settings to get what you want.
Vegas should also have multi-cam functions (meh..once again this is AVID territory- sense a theme here?) so if you have several cams on a shot you can go through pretty quickly and be done with the sequence. I've done 8 camera shot scenes before in Media Composer and had the 15 minute segment edited in about 30 minutes because of the ease of it's Multi-cam functions.
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