Integrated synthesis and sequencing software FL Studio 5 has received a
major new upgrade. Unlike most competitive products, FL Studio has
lifetime free upgrades, so this is free for existing users.

Lots of new features, many of which are related to time stretching and
beat slicing (for some, this could even make FL Studio competitive with
programs like Ableton Live and Propellerhead Reason):

  • "Elastique" time-stretching and pitch-shifting in audio tracks and tempo-synced stretch previews
  • Improved Fruity Slicer, with stretching and REX loops support
  • Tempo tapping
  • Basic loop recording
  • Tempo Detector tool aligns project tempos to songs

The upgrade also features two new plugins (WaveShaper effect, Fruity
Pad Controller), a Collab tool to chat and exchange projects, more MP3
support, a piano roll arpeggiator,and an updated Fruity Granulator with
transient alignment and a new skin, among lots of other goodies (see
the version history below). There's also very cool new envelope
editing. Sounds great to me; this PC-only program is a bargain and a
gem for the Windows platform. Stay tuned for an in-depth report of what
you can do with it.

Full version history
FAQ (including why this won't ever be on Linux or Mac — think Delphi and assembly code!)