Apple has announced and released an updated version of Final Cut Studio, with new versions of Final Cut Pro 7, Motion 4, Soundtrack Pro 3, Color 1.5, and Compressor 3.5 (see press release). The price has dropped by $300 to $999, and the upgrade is $299.
(There's no identifying version number associated with this flavor of Final Cut Studio, although the last update in 2007 was version 2, so draw your own conclusions.)
One major focus of the new Final Cut Studio is web-based output and sharing. Final Cut Pro 7 adds Easy Export to continue working on projects while encoding in background, and Compressor 3.5 can share to YouTube and MobileMe, or export for iPhone, iPod, Apple TV, and mobile phones.
Final Cut Pro also has new iChat Theater support for real time Web review and approval of timelines or individual clips with iChat users, even if they don’t have Final Cut Pro.
However, Apple remains unenthused about delivery on old-fashioned optical disc -- DVD Studio Pro 4 still has not been updated, and is still only for authoring standard-def DVDs. However, you now can export HD material from FCP/Compressor to Blu-ray disc, albeit with simple menus and chapters.
FCP also adds three new Apple ProRes codecs for more efficient editing of complex formats, including for offline and mobile editing, general purpose broadcast quality editing, and high-quality editing.
Apple states there are more than 100 new features in the new Final Cut Studio, with deeper support for HD / high-quality formats, and tighter integration within the suite.
See Jan Ozer's First Look Review: Apple Final Cut Pro 7 (registration required for full access)
See my article, Summary: Apple Final Cut Studio for a summary of the suite's applications and new features.
See more video applications in my Video Editing Software Gallery