Apple finally releases a major update to the video editing suite called Final Cut Studio.

Included are:

• Final Cut Pro 7 for video and film editing
• Motion 4 for motion graphics and animation
• Soundtrack Pro 3 for audio post-production
• Color 1.5 for color grading and finishing
• Compressor 3.5 and DVD Studio Pro 4

Most tasty are the updated ProRes codecs, direct support for Panasonics camera formats without transcoding, and the multi-touch gesture support throughout.  There are too many new things to note here so check it out!