Apple has released Final Cut Express 4 today. Apple describes the new version as a "significant upgrade" to the previous version of Final Cut Express.
Final Cut Express 4 adds support for the latest AVCHD cameras, allows mixing of standard and high definition content on a single timeline, includes the ability to import iMovie '08 projects, and gives users access to hundreds of sophisticated FxPlug cinematic effects and filters.
Apple also cut the price on Final Cut Express to $199 from $299. The new features are detailed at Apple's site.
Of note, Soundtrack is no longer bundled with Final Cut Express.
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