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PR: Apple announces Final Cut Pro 3 Press Rel
DV EXPO 2001, Los Angeles, California — December 4, 2001

Apple® today announced Final Cut Pro® 3, the industry's first video editing solution to deliver professional-quality, real-time effects without the addition of specialized hardware. Tapping the powerful video processing capabilities of the PowerPC G4 processor's Velocity Engine™, the new G4 real-time effects in Final Cut Pro 3 deliver the productivity and creativity of real-time to a much broader audience of video editors.

Final Cut Pro 3 also debuts OfflineRT, an offline format that holds up to five times as much footage as the DV format, and new professional color correction tools previously available only in solutions costing tens of thousands of dollars more. Final Cut Pro 3 will be available this month for Mac® OS X and Mac OS 9.

Apple's site has the entire press release, and they also have a very thorough Final Cut Pro site with feature descriptions and screenshots.
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