Au contraire. A V4 update will enable DV, HD and 24p as of Monday, 3/7. Also--the color correction wheels and waveform/monitor features pretty much make V4 (my opinion, not SoFo's) the Final Cut Pro for Windows--with a little Premiere, After Effects and Avid Xpress thrown in.
Did anyone else notice the news blurb in the latest Videography 03/03 on page 30 stating that Avid was releasing an Avid Free DV. It didn't say what limits it would have. I'm assuming they will be releasing it after NAB since I couldn't find it on the site just now.
Guess they liked the way Pro Tools Free and Maya Free turned out. They must be hoping to gain some customers in the long run.
The other two guys didn't say it, but Vegas supports SD (aka NTSC). Actuatly, after monday, Vegas will support any resolution 2048x2048 and under, and almost any usefull FPS you want.
"Also--the color correction wheels and waveform/monitor features pretty much make V4 (my opinion, not SoFo's) the Final Cut Pro for Windows"
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One thing FCP does which Vegas can't manage, is making you wait for rendering before hearing/seeing so many effects ;)