I have worked really hard, and I am now granting you the ability to slow down and speed up time! With great power comes great responsibility... Actually, you can only slow down and speed up videos... not time in general.
[OpenShot speed settings for a clip]
Unfortunately, when you are not in "Normal Speed", there is no audio support. In other words, you can't slow motion audio or speed it up yet. This is a MLT limitation, but they are aware that this feature is wanted / needed.
[Set the length of a clip with great precision]
[OpenShot allows you to go between 1/16 speed to 16x speed]
You can also set the direction of a clip (forward / reverse). Although... just a warning, this seems a bit buggy with MLT. Especially if you slow down a clip, and then set it's direction to reverse.
If all these new features aren't enough, I have improved the auto-compositing capability of OpenShot to include all tracks (including the bottom track). What does this mean? It means that you can now key-frame, animate, transition, fade, mask, etc... any clip, on any track. A clip won't freak out anymore if there is no clip below it on the timeline. If you still don't understand, just know that this is really cool, and it will help you. =)
Tomorrow is our last feature announcement in this marathon. I am getting very close to a version 1.0 release. With the "official" release, there will be .DEB installers and hopefully a PPA. Thanks again for the support! I really love reading all of the comments, and it gives me a lot of motivation to keep on going. Stay tuned...