Apple released a "new" Final Cut Studio for $999 and new versions of Logic and Final Cut Server, and posted a bunch of movies to explain the updates. Motion does get reflections, shadows, and depth. Compressor 3.5 gets DVD and Blu-ray burning -- and there's lots of other nice touches.
Mike Curtis of HD4NDs and PVC has reviews on FCP 7, Motion 4, Color 1.5, etc at Macworld, and there's already free video tutorials.
Lynda.com has a free Final Cut Studio Overview containing 3 hours of video training by Damian Allen, and Ripple Training has 19 free tutorial movies on the new features. Also, Peachpit Press has free new samples for their popular FCS books.
Update: A quick way to get continuing updates on this release is to follow Final Cut User on the web and Twitter (Filmbot; follow Editblog too).
Update 2: Among the ProRes options is 4:4:4 12-bit plus alpha channel, which seems to be poised to finish of the Animation codec (except to those without access). There's a Apple ProRes Whitepaper (PDF) via FilmBot.