Heavily marketed, and reviewed, I read the glowing review in EventDV magazine, and ran out and bought it. To my surprise, when you are setting up the clip you want to extract, YOU HEAR NO AUDIO AT ALL, making this the most frustrating experience you will ever have in video. You cannot fine tune your in and out points without guessing, because again, there is NO AUDIO in preview. The manufacturer wrote back to me saying, that's right THERE IS NO AUDIO in preview!
HOWEVER, in checking around Versiontracker, I found the FREE "MPEG Streamclip" app, which has audio preview, has jkl control, allows you to nudge back and forth until you find the perfect in/out points, tons of export options, and again, MPEG Streamclip is FREE, and HAS AUDIO PREVIEW. YOU MUST CHECK OUT "MPEG Streamclip" at Versiontracker and at http://www.squared5.com/svideo/mpeg-streamclip-mac.html