Im not familiar with the Baselight grading systems.
But having played with lustre i can say it's really fast. It will have some familiar tools such as garbage masks, and a keyer-like interface to get mattes and apply secondary color correction to the footage at hand. It works great with 2k material, and you will be able to do primary color correction in real time. The renders are really fast, and now with the ability to add incinerator to it you'll be doing it faster. I think that with version 2.6 they added support to be able to playback in realtime, primary color correction and i think up to 3 secondary color corrections using the GPU of the machine. For 4k workflows you'll be able to work in proxies so that you retain interactivity, of course render times will increase.
It does have a tracker that discreet is always famous for, and you'll be able to use the GMasks with the advanced gradient option so that you have even more control in your color correction. Additionally it has some dust busting and scratch repairing tools, that are automatic or manually set. You'll also be able to re-frame your frames.
It also comes with some plugins with which you'll be able to simulate some chemical processes of film, such as a silver coating or a bleach process.
If they include what we saw on the users group showcase of the past NAB then lustre is going to be a really difficult program to beat.
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