Sounds like some fast, powerful color grading & HDR tools are coming to the Production Premium suite. According to the press release,

The addition of IRIDAS technology includes SpeedGrade, an award-winning toolset for Stereo 3D, RAW processing, color grading and finishing of digital content. IRIDAS offers the only non-destructive tools for primary and secondary color correction that are optimized for multi-core CPU and GPU performance.

Adobe’s video apps have been on a tear lately, with more exciting developments to come. (My wife works in that group & I love getting peeks at what’s brewing.)

Update: The team requests (and is getting lots of) feedback on the acquisition.