Avid and Adobe have moved to a rapid yearly release schedule and Sony is following suit with Vegas Pro 11. I have been playing with the trial for the last few hours and very impressed thus far. Vegas Pro 11 is mostly about performance and comprehensive GPU acceleration, including the entire video processing pipeline. It is vendor agnostic and supports a wide range of AMD and NVIDIA GPUs. There are some benchmarks posted on the website showing major performance gains. AMD Radeon HD 6870 seems to be the hands down price/performance king, offering 4.2x playback performance in the benchmark, apparently. The other big news is, of course, native EPIC support. The mixing console has got a nice upgrade and Vegas continues to be the benchmark for audio in NLEs. Extensive improvements to the native Stereoscopic 3D workflow as well, for those who work with S3D. Some interface adjustments including revised monitoring and a useful new Render interface. (Opinion could be divided on this, though)
I am just waiting for the mail with the upgrade offer. Hopefully it's $150.