Avid release Media Composer 8.8.4
The new update includes mainly big fixes. The only new feature In the read me is the option for fixed aspect scaling on the Blur effect. You can read the full list here : http://avid.force.com/pkb/articles/en_US/readme/Media-Composer-Software-8-0-Documentation
The easiest way to download it is using the Avid application manager or logging into your account on line. There have also been some interesting comments about the future development of Avid on the Avid forums which you may like to read here: http://community.avid.com/forums/t/180882.aspx