First of all, if you're not into creating spectacular multimedia shows and presentations then QLab won't be of much interest to you.
If you do have to put on a show from time-to-time, however, QLab is about as powerful as it gets. The program enables you to create rich multimedia designs for live performances and installations. The application is so professional that the developer claims multimedia designers from Broadway to Britain's West End have used it to create stage shows.
In a nutshell, QLab allows you to control audio, video, and MIDI from a single workspace. There are two versions of QLab - a free one and an advanced one that obviously professionals will need allowing you to add videos to your presentations. The free one is remarkably powerful and complex, however. The interface is similar to that of a video editor but in horizontal form. It allows you to drag and drop cue points, sounds and even external spreadsheets so that creating your show is like piecing together a jigsaw. You can preview your work at any point using the 'Go' button.
Overall however, QLab is a complex application to get to grips with. QLab is not really suitable for the average user looking to create a presentation - Keynote would be a much better option. QLab is strictly designed for theater and entertainment professionals who need to create complex and spectacular multimedia events.
Any multimedia professional looking for complete control over their shows and displays will find something of value in QLab.