Blender 2.40: Sequencer
Cut Sequence Strips
You can now cut sequence strips using K. Any selected strips (except Meta strips) will be cut at the current frame.
Strobe - In the N Strip Properties panel, you can set "Strobe" to something other than 1 for only displaying each nth picture of the strip. You know the effect from movies :)
"Strobe" is a float value - this way you can get a strobe effect synced exactly to a beat, for example, by using non-integer values.
Option to play sequence strips (Movie, Image, Scene) in reverse. New toggle in the NKEY buttons for sequence strips.
Sequence editor image preview supports zooming out
Added right mouse click to cancel a sequence strip transform, like everything else in blender.