I had a play with a demo version a couple of days ago. It works just like a traditional cut-cut editing combo. You can create an EDL, create audio overlaps,... all traditional ENG news stuff. After editing you can create a edited piece on any one of the P2 cards.
New for cut-cut editing, is that it also works non-linear: with a button you call up a timeline view, and you can rearrange clips.
As an editing solution, I see limited use. It is cheaper to use a laptop to do the editing, and a laptop gives you more options. But for real speed, nothing can beat this. Main reason for its existence is probably is video in/out ( composite, SDI, HD-SDI,...) It fills the gap as a playback/recording device.
