[UPDATE: Final Cut Pro X is now available in the Mac App Store here.]

This will be a live blog feed – with the newest updates at the bottom. (Hit the ‘Refresh’ button for updates.)

There is a crowd growing outside of the conference room of the Final Cut Pro User Group Supermeet right now. We’re all waiting to take our seats to see what everyone at NAB 2011 has been talking about for the past couple of days . . . the unveiling of the next generation of Final Cut Pro. (Let’s just say that better be what happens or their will be complete anarchy here.)

As you probably know by now, the anticipation has seriously been building since the initial reports of a secret showing of the new Final Cut Pro to a select group of industry pros at Apple’s campus earlier this year. If you somehow missed those reports, you can check them out here and here.

I’ll have the latest news in about from the Supermeet soon. The presentation kicks off at 7PM PDT / 10PM EDT.

UPDATES BELOW (Newest stuff at the bottom.):

8:44EDT: It’s getting a little crowded in here. Still 45 minutes to go before the doors open for seating…

9:00: Spotlights in the shape of an ‘X’ on the curtains… Perhaps there was something to the ‘Final Cut Pro X’ name rumors?

9:36: In and seated. Show starts in 24 minutes guys. Images will be slow coming once the big announcement starts. I’ll focus on the details first and then add photos after all the important stuff is out. Oh, by the way . . . front row. (Can’t believe I actually ran to get a seat. But I did it for you guys.) More soon.

9:50: 10 minutes to go guys. Looks like the Mac Pro on stage is ready to rock. The room is utterly electric. I’ve seen grown men giddy like school girls with excitement here.

9:58: Lights just dropped and now the screen is black with only an Apple logo. Cue dramatic music. We’re a go in 2 minutes.

10:01: Just confirmed. Next version of FCP to be unveiled. “Something as revolution as the first version of FCP when introduced in 1999.”

10:04: Talking about current version of FCP. How it has shaped a shooting ecosystem. Popular in indie film community. Essential for broadcast community.

10:05: People love FCP. 2M FCP users. 94% user satisfaction. FCP growing 2x as fast as the NLE market.

10:06: Just slammed Adobe and Avid. “In a race for 2nd place.”

10:08: Peter Steinauer, Architect of FCP. Rebuilt from ground up. “Final Cut Pro X”

10:09: 64-bit confirmed. That got a huge applause.

10:11: Just revealed a screenshot. It’s sexy. Will have pics soon.

10:14: “Fully color-managed Final Cut based on colorsync.” “Resolution-independent playback system” Up to 4K formats. To be able to deliver that, “we’re leveraging Grand Central Dispath.” You can use all 8-cores. Background rendering built into application.

10:16: No more waiting for ingest. Media is ready for editing even before ingest is completed. On the way in, media can be analyzed for stabilization. Deal with rolling shutter on the way in.

10:17 People detection. Shot detection. It will find medium shots, CU shots, etc. on the way in. Automatic non-destructive color balance as it is being ingested.

10:18: Automatic audio clean up on the way. Options to rid hum, rumble, etc. on the way in.

10:19: Range-based keywording. You can select ranges inside your clip and apply keywords to those ranges instead of just keywording the clip. No subclipping necessary.

10:21: Smart collections: Categorizes things like media types (audio, stills), how many people are in shots and how those shots are framed. Smart collections looks very iMovie-ish.

10:23: Clip connections. Primary audio and video are locked synced together. There’s no way to accidentally knock it out of sync. Same types of relationships can be established with secondary audio clips that are maintained through the editing process.

10:24: Magnetic timeline. If you slide a clip down the timeline, long clips (i.e., secondary audio) won’t collide with other clips. The other clips will drop down to a new track and nothing is pushed out of sync.

10:27: Compound clips. You can combine multiple clips into a single clip to make sequence easier to understand. Everything that is associated with compound clips is still accessible, but moves together with later edits.

10:30: Inline precision editor. You can double-click on the seam b/w 2 clips and the timeline opens up to show what’s outside the handles.

10:32: Auditioning. How to compare edits and effects… During the organization process, you can throw effects or b-roll into timeline. Non-destructive….

10:33: Randy Ubillos, Chief Architect, Video Applications on stage. Demo FCP X live now. Beta version. “We hope it behaves.”

10:35: Audi R8 commercial spot cut on FCP X…

10:36: Demo’ing it live now. Showing off the keywording ability of the sections of the clip instead of the whole clip.

10:37: Offers filmstrip view for content. Looks just like iMovie’s functionality.

10:38: You can highlight sections of content in the filmstrip view and add keywords that way. The keywords show up as items in event library. Selecting those keyword items brings up just those sections of content. Looks like subclips, but it’s not.

10:41: Auto-syncing audio waveforms. Like a built-in PluralEyes. Holy crop. Big applause.

10:42: Playhead scrubs to audio-sample level for aligning audio in between frames.

10:45: Pitch-corrected audio skimming is slick. Makes audio scrubbing very smooth.

10:47: Fade heads are built-in to audio wave forms. Sick. No more keyframes. You can range select to do audio level adjustments in the middle of the clip. No more keyframes. Right click lets you see type of fade to audio head and tail. Again, no more keyframes.

10:50: Retiming clips is built-in and simple. Once you’ve retimed, you can adjust parts of the clip and make adjustments to ramp up/down the time.

10:53: Color matching just got a huge round of applause and wows. Click and clip and pick one to color match it to. Click and it’s done instantlys.

10:54: Mix and match footage. No more transcoding before import. It just takes care of it.

11:18: Sorry guys. Wasn’t expecting that big of a hit tonight. You guys apparently crushed my dedicated server so hard that my tech support was in tears. Kidding . . . mostly.

Ok. The final big scoop is that FPC X will be available in June 2011 for download from the App store for $299.

Pics coming soon.

12:09AM: Ok. A couple of other updates that I’m remembering during the flurry info.

Localized adjustments. You can select, say a face, and then make adjustments to only that part of the image. You can also adjust the area and feathering of the local adjustment.

5:45AM: Very rough video of presentation now online here. Sorry for the poor camera bag framing, but you’ve got good audio and hopefully will have a better understanding of the program with the deeper explanation and the above screenshots. I’m going to bed now. Play nice.