This new update also adds improved capabilities in Mac OS 10.4 and 10.5. In Snow Leopard I saw some nasty strange screen drawing anomalies, and that is now fixed with this most recent version. The developers also say there are improvements when using Final Cut Pro, QuickTime Player 7, and other applications that export files using QuickTime.
You can try the utility for free for 30 days. Otherwise it is US $34.95, or $14.95 for users of versions bought before June 1, 2007.
It's nice to see this utility updated, and while I love it dearly, it would have been so nice if more of this functionality had been built in to OS X natively. Until then, Default Folder X is a great solution for opening and saving files in a completely quick and sane manner.