V4.0 SCRATCH was released in August!  Let me give you a brief summary of what is new:

1. Improved Curve Tool:  With a new curve editor tool, color-curves can now be fully edited and constructed.  1D LUTs can be converted into color curves for manually adjusting them.
2. RedCine color setting files can now be loaded to create a similar look
3.  Blur can now be applied to the mask of the canvas to soften the edges
4.  Animation editor updates for copy/paste and scaling values
5.  Play Out now can generate source timecode on the tape
6.  Dual-sdi output is now possible with the new NVidia API
7.  A wipe on SDI output is now available to compare shots and can be mapped onto the panel
8.  RED firmware 16 compatibility

Here is a streaming windows media version of the video tour