Windows Live Movie Maker: "Wave 4" Beta Released

"The Windows Live team recently released the beta version of the Windows Live Essentials. I'm trying to go through and mine out/examine as much as I can on the best parts of the application and show the improvements in the latest version. And as much as some people will hate to hear this, this release of Windows Live Movie Maker [WLMM] is outstanding."

Microsoft has released the Windows Live Essentials "Wave 4" Beta, which includes seven applications, including Sync, Messenger, Photo Gallery, and Movie Maker, but removes support for Windows XP. As indicated by the quotation above, Lehsys.com has written a very positive review of the Windows Live Movie Maker beta.  The review covers - albeit briefly - some ten program features, which makes it worthwhile reading for anyone considering giving Movie Maker a go. The screen shot above is taken from an earlier release of Movie Maker (the beta adds a tab for "Music Tools"), which I have found simple enough to use, although seemingly with fewer features than Adobe's Premiere Elements (which, of course, is not free!). If you currently use Movie Maker, do the improvements promised for the "Wave 4" release sound promising? Or, if you do not use Movie Maker, do you see anything in the new release that might change your mind?