Что то я больших отличий не заметил, пришлось даже в about глянуть чтобы узнать, пятая ли версия стала.
These are only some of the fantastic new features in WaveLab 5:
Multi-channel surround audio support from input to output with up to eight audio channels for recording, editing, processing and mastering
Complete DVD Audio authoring toolset, including Playlist editing, on-screen video menu design, picture slide shows, and DVD text
User definable surround-to-stereo down-mixing
DVD Audio burning, including video data
DVD Audio extraction, conversion, and archiving
New "Smart" Video Thumbnail Track for editing audio for video
Track effects in Audio Montage
Multi-channel metering and analysis with up to eight channels
ASIO instant remapping for instant audio compare at the touch of a button
New file formats: WMA Pro 5.1 and 7.1 export, AVI audio import