Apple has recently announced a new version of its video editing software, Final Cut Pro.

The new version, called Final Cut Pro X, comes with a magnetic timeline, which lets users edit a flexible, trackless canvas. This feature allows users to add clips whenever they want, while others will slide out of the way. The software will be available through the Mac App store only for $300 along with its Motion 5 and Compressor 4 counterparts, which are available additionally at $50 each. Apple recommends users have Mac OS X v10.6.8, which is an update to its Snow Leopard OS X that hasn't been released yet.

Final Cut Pro X is the biggest advance in Pro video editing since the original Final Cut Pro, Philip Schiller, Apple's senior vice president of Worldwide Product Marketing, said in a statement. We have shown it to many of the world's best Pro editors, and their jaws have dropped.

On top of the magnetic timeline, there is clip connections. This feature can be used to link primary story clips to other elements like titles and sound effects, this allows them to stay in perfect sync when moved. There's also a new Auditions feature, which allows users to compare clips instantly to compare alternate takes.

I'm blown away by what Apple has done with Final Cut Pro, Angus Wall, Academy Award-winning film editor, said in a statement. Final Cut Pro X is incredibly modern and fast, but most importantly it lets you focus on telling your story in the most creative way, while it actively manages all of the technical details.

The app is 64-bits, making it one of the most expansive versions Apple has released. It uses multi-threaded processing and the GPU on your graphics card, which allows for background rendering and higher quality real-time playback performance.

Apple launched the first Final Cut Pro in the late 1990s. Since then, the software has gained a huge audience and become a Hollywood favorite. This past year, nine out of the 10 Academy Award nominees for Best Documentary Picture used Final Cut Pro to edit their films. The Social Network, about the rise of Facebook tycoon Mark Zuckerberg, used it and won for best editing. The Rules of Attraction was the first major film to be edited using Final Cut Pro and helped grow its popularity.

With the new release, Final Cut Pro 7 and Final Cut Express are no longer available.

Follow Gabriel Perna on Twitter at @GabrielSPerna