This is made mainly for the subscription model that AVID has moved to, but as a bonus they are letting existing users sign up for $299 a year for the support version which includes updates, and you can sign up for a year to get the latest versions at least through 2014, then it goes up to $1299 a year for the subscription with support.
This means for $299 you can get a year of updates for your current version, and hopefully get the next version of the software as well.