Apple today released Final Cut Express 4, which is based on the video editing software Final Cut Pro 6, but sells for a low price of $199.

Final Cut Express 4 adds support for the latest AVCHD cameras, allows mixing of standard and high definition content on a single timeline, includes the ability to import iMovie ‘08 projects, and gives users access to hundreds of sophisticated FxPlug cinematic effects and filters. The new Open Format Timeline in Final Cut Express 4 allows users to mix and match DV, HDV, and AVCHD material, all in realtime using the same industry-leading editing and trimming tools found in Final Cut Pro.
Final Cut Express 4 is available immediately from the Apple Store.