Harvey Mark at CreativeCow was impressed enough with his experiences with Avid Liquid 7 to bestow 5 Cows, the highest rating on the bovine scale. A few things that caught my eye:

*Breakout box with the Pro version does just about any analog/digital conversion.
*Open Timeline: realtime mix and match SD, HDV, MPEG, WMV and even DivX on the same timeline.
*Handles HDV natively, support for both P2 and XDCAM.
*Multicam built-in.
*As with previous versions, background rendering.
*More realtime and GPU-based filters (as well as 50 filters borrowed from Commotion).
*Smartsound is built in.

(Via Videoguys)