Roxio Toast 7 is about to pop up!

Roxio is in final stages of releasing next version of Toast 7. The software will be ready to ship in September. The new version will have extensive support for DivX including DivX 6 and be able to convert video from and to DV, DV 16:9, HDV 720p, HDV 1080i, QuickTime, MPEG-4, H.264, 3G, and DivX, with special pre-set options for converting videos for Sony's PlayStation Portable and iTunes. This list is almost complete with 1080p missing and surprising part is iTunes video support which kinda confirms that people at Roxio knew about iPod Video before rumors came out.
Toast 7, among all popular audio formats, will encode and decode back from Dolby Digital, OGG, FLAC, CD and DVD-Audio, and will be able to convert to and from those standards.

Source: ThinkSecret