Resolume Avenue 3 is a real-time, multi-platform instrument for live (audio) visual performances. 

Check out this intro video and let me know what you think – it looks like it could turn into the Ableton Live of VJ software. 

The app is a free download, but it displays a video watermark on the output without paid registration.

Features:

• Audiovisual Playback - Play Quicktime and AVI video files with audio or combine any .mov or .avi video file with any .wav or .aiff audio file.
• Audiovisual Effects - Resolume 3 supports both VST audio effects and FreeFrameGL openGL video effects. Use them separately or combine them to create exciting new audiovisual effects. You can use as many effects as you like on clips, layers and the entire composition.
• 3D Compositing - Freely position, scale and rotate your clips and layers or even the entire composition.
• OpenGL Accelerated - The entire video engine is running in 32 bit floating point precision on the video card’s GPU so you can use alpha channels and masks and get the best image quality possible on today’s hardware.
• Global BPM Tempo - Everything can be linked to the global (Beats Per Minute) tempo to create a fully synchronized audiovisual performance. Automatically pitch the audio and video and synchronize parameter automation. Use the beat snap function to trigger clips in sync with the beat.
• Flexible Interface - The Resolume 3 interface scales to the size of your monitor. Use it on a 1280×800 laptop screen or on a 30 Inch 2560×1600 resolution screen. The more screen-real-estate you have the more comfortable it is to use any number of clips and layers.
• Output and Preview Monitors - With the preview monitor you preview a clip or layer and configure it so it looks and sounds just the way you like it before you play it.
• Video mapping - With the keystone plugin and masks your screen does not have to be rectangular anymore. You can map the video onto any object or surface. Combined with multi-screen output you can even project on multiple surfaces or objects.
• Multi-screen - Because Resolume Avenue can output any resolution it works perfectly with the Matrox DualHead and TrippleHead to deliver multi-screen performances.
• MIDI & OSC - Use MIDI from any device or software to control the entire interface. Want more precision & flexibility? Resolume 3 can receive OSC (Open Sound Control) messages too!
• Crossfader - Assign any layer to the A or B bus of the crossfader and mix it just like you do on a DJ mixer but now with audio and video.
• Cross-platform - Because Resolume 3 uses cross-platform technologies like openGL and C++ it runs on both Mac OSX 10.4.9 or later and Windows XP & Vista.