A bit more info. The 'standalone' looks editor that comes with MagicBullet 3 Looks, is just for coming up with a new looks setting. It takes a single image import and allows you to tweak the look you want, then save the look preset and finally use it in one of the host applications. What this means is that you're going to need After Effects or one of the other supported hosts to actually do the rendering.
Having said that - the speed increase with this new looks suite (provided you have the right hardware) is unreal. I did a 60 minute play a couple of years ago in HDV that took 80 hours to render one of the magic bullet looks that ships with Liquid. For me, that makes the looks useless. I've just been doing some apples-to-apples testing with the new 'Looks' in After Effects compared with the same named look using the Magjic Bullet looks that ships with Liquid. In this test I used some 1080p24 material saved using the motion JPEG codec so that the whole MPEG-2 issue is removed (After Effects is really bad with native HDV material).
With the 'Curahee' preset in Liquid, a 52 second clip took about 25 minutes to render (on the machine in my profile)
In After Effects 7 with the new MagicBullet 3 looks, the rendering took just 3 minutes and 26 seconds (6 times faster)
Very nice.