Apple has just released QuickTime 7 for Mac OS X Panther through the Software Update utility and the QuickTime section of its web site.

Here is the description proviced by Apple:

QuickTime 7 provides a vast array of new features, including:

H.264 video support
Live player resize
Zero-configuration streaming
Surround sound
New and improved playback controls
All-new content guide

Additionally, QuickTime 7 Pro users will enjoy the following new
capabilities:

Audio and video recording
Simplified movie sharing
Full-screen floating controls
H.264 video creation
Surround audio creation
Concurrent exports
Improved movie authoring
AAC constant-quality encoding
3G streaming content creation

To learn more, please visit www.apple.com/quicktime.

Important Notice to QuickTime Pro Users

Installation of QuickTime 7 will disable the QuickTime Pro functionality in
prior versions of QuickTime. If you proceed with this installation, you must
purchase a new QuickTime 7 Pro key to regain QuickTime Pro functionality.
After installation, visit www.apple.com/quicktime to purchase a QuickTime 7
Pro key.

As you can see on the notice, owners of QuickTime 6 keys will have to purchase QuickTime again to access to its Pro features.

The Windows version isn't yet available for download but Apple informs visitors that it is coming soon. The currently released Mac OS X version of QuickTime 7 requires Panther to run.