1.06 will be out soon. It offers improved file organization, the ability to save program options, a quickstart guide for new users, and allows you to put the metadata slate on frame 2 so you can see the video instead of the slate in the Final Cut Pro thumbnails.
The next release after 1.06 will concentrate on new pulldown removal features such as removing 3:2, 2:2 pulldown from 60P and 50P, variable speed pulldown, and the ability to set the frame rate for silent clips.
Also coming is a Raylight DVCPROHD codec that can be used in place of the Apple codec. This is mainly of interest to users that do not have FCP installed on their computer or cannot get access to a copy of FCP.