Totally Hip has announced the release of HipFlics 1.2, the latest version of the company’s video enhancement and compression software. Version 1.2 brings the ability to create MPEG-4 movies (in either .mov or .mp4 format), AAC audio encoding, a faster compression engine, expanded codec view, and support for new QuickTime 6 effects and transitions. HipFlics 1.2 for Mac OS X sells for US$49.95. Existing registered users are eligible for a free upgrade to this new version.