This is VFX, a software system for manipulating, triggering and mixing digital video clips and loops.
There are two main parts to it: the Performer for playing, mixing and manipulating video in real time (not unlike VJamm or Arkaos) and the Compositor for rendering video effects for later use.
Here's a basic feature list:
The basic setup you need to get VFX running is:
See the Getting Started page for more detailed system requirements.
The first development release of VFX is now open to the public.
Don't expect too much of it yet, these are early days.