MC5 is definitely different in many editing features over MC4.  If you are a Liquid upgrader, I really recommend moving to MC5. Don't miss these tutorials - NEW - Media Composer 5 - Getting Started  & Intro to Smart Tool

Note: Most of these pages and links are cut and pasted from other people's creativity that I read and want to remember for my personal editing growth.  I try to give credit when I can - but sometimes the cut and paste just doesn't get that done - so my apologies to all for missing credits. 

There are definitely "learning curves" and "workflow methods" in MC to absorb. The biggest thing that I have picked up on is that you need to start thinking like an Avid editor and not a Liquid editor. That means old editing habits may have to change.

Some "restarts" in thinking will be:

• Learn MC's MODES - you will be switching modes all the time cause it's the way you work in MC
   
• Learn Keyboard shortcuts - and use right click on menus and in modules like you could do in Liquid.
   
• Use Qt and QtRef files  - not avi (which export is limited to 2GB in size in MC)
   
• Avid does not do background rendering - just the way it is. If you waited in Liquid for an effect to render, that's what you do in MC.
   
• Realize that while MC is excellent (so they say) at editing, it's not particularly good at exporting or file conversion, and that Avid includes Sorensen Squeeze designed specifically for file conversion and other programs.  Get to know them.  
   
• Get Media Management (Bins, Folders, etc) down cold up front.
   
• Don't get too worried about what formats and file types MC does or does not export, because generally speaking you only export a Quicktime reference movie and then use the QT ref movie in Squeeze to create whatever type of file you need.
   
• Don't be moving back and forth to Liquid - just learn MC.