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I already purchased the upgrade, and here's what I've encountered:
* While WinDVD PR lacks the stability of WinDVR 2.0 or WinDVD 4.0, it still works well so far with Hauppauge WinTV PCI card, including the recording functions.
* The new features (Video effects filter, DVD audio, etc.) are not worth the upgrade price, IMHO, but it is nice to use many of WinDVD's features on other video files (not all work, but some do, quite nicely)
* The new skin format is a huge improvement, even though the included skins do not have the full WinDVD/WinDVR feature set available (e.g., no Closed-Caption buttons?).
* Finally, the merging of DVD/TV into one program is something I've wanted for a long time, and it is extremely convenient if you have both a DVD drive and TV capture card on the system. I don't have DVD burner, so I can't comment on burning features.
There are bugs. But all in all this appears to be good product. I was getting tired of Intervideo's product line, with so much cross-over between programs.