Hi,
I did some testing to compare.
I used some mpeg2 & AVCHD clips rendered in both Vegas and PD.
I used the view>SVRT to determine if PD was happy not to render then burnt to folder using the disc module. I use processor utilisation in task manager to determine whether rendering is occurring.
When using the mpeg2 files > mpeg2 BD no rendering occurred. (as you should expect)
When using the AVCHD files > mpeg4 AVC BD rendering occurred even though the SVRT info indicated it shouldn't.
(Thanks for enlightening me to the Mpeg4 option in "format" - I believe I previously was choosing BDAV which does not have that option
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So it seems PD is not happy with even it's own AVCHD rendered files when burning a BD. I wonder if your .m2ts files have parameters (ie bit rate, reference frames) which are outside the BD specifications for PD and this is causing all the files to be rendered?