Red Giant Software is shipping Magic Bullet Looks, the highly anticipated color correction tool for Adobe, Apple, and Avid software. Magic Bullet Looks also includes Misfire and Magic Bullet LooksBuilder, a stand-alone application to pre-visualize looks anywhere. You can get MBL bundled in Magic Bullet Suite 2007, which includes Magic Bullet Looks, Magic Bullet 24p, Magic Bullet Colorista, and Instant HD for high-quality up-conversion.
This version of Looks really has to be seen, so check out the trial version and these videos and posts: Magic Bullet Looks Prolost post, Tour The Bullet (Prolost/Studio Daily), and Motionworks' Getting Started with Magic Bullet Looks.
Update: Stu says to look for a secret feature...
Update 2: Review: Magic Bullet "Looks" - Slick, Sexy, A Few Flaws