I know there is a AVIA II edition out but I have the first AVIA edition and the test screens look rather poor in my opinion compared to the DVE test screens for all versions of it.
I own the SD, HD DVD, & BD versions of DVE so I guess that tells you which I prefer. AVIA has easier navigation but I prefer the DVE more and think it is better than the first AVIA version. I cannot comment about the AVIA II version, but it is still not in HD and costs double as you pointed out.
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