I've been using Video Studio since version 3, with upgrades to 4, 7, 8, and 10+. I am not even close to being in the same class as Steve, Ken, Vidoman, Heinz, Black Lab and several others. However, I have done some pretty interesting stuff over the years that I think makes me beyond the average newbie to video editing.
I'm not impressed with the "What's New" features of VS 11 at all. Big disappointment from just reading them.

I'm not certain I'll even download the TBYB.
As best as I can tell about this new release, if you're not using Windows Vista and are not interested in HD DVD or unicode character titles or subtitle stuff, there's just not anything to make you want to upgrade.

Making movies for mobile devices? Please, spare me. How often will people really use this? Not me.
In upgrades I look for at least one "must have" new feature. I don't see one here. The only filters I see added are Auto Color & Tone, DeBlock, and DeSnow. None of those "WOW" me. Additionally, there's the ability to combine transparency and mask or chroma key effects. I dunno, I'll wait to read what others write about these features before I make a decision, but I'm not even going to waste my time downloading the free trial right now.
The Smart Project Package? I've always exported my edited project to a separate folder. Just common sense, to me, to keep raw footage and edited results separate. Am I missing something here?
Movie Wizard Templates? I've never found a need for them before. What's so good about them now?
Cue marks for titling and audio? Always been able to achieve what I want without them and I've done some pretty complex mixing of sound effects, music, and audio from the camera footage - even back in version 3!
Rotate titles? I have C3DPS. I can do more with that and use as an overlay.
DVD Menus and authoring? I use a 3rd party software for that. It has more capability than VS could ever offer.
The developers need to realize that users want at least one new "WOW" feature in an upgrade if they want the masses to purchase it. Maybe the HD DVD capability is that feature for many this upgrade. Not me. To each their own. Unless I see sterling reviews, I'm going to sit out this dance and Ulead won't get my $$$ this time.