What does LightWave look like now? (v7.5c)
   

Shown here are two screen shots of how LightWave looks at the moment (v7.5c) the left image depicts the Layout program. This is where you animate and render the objects in your scene. The right image shows the Modeler program, this is where you create the objects that will be used in your scene.
What does LightWave look like now? (v8.0)
   

LightWave has just been updated to v8. The interface received some attention, areas of workflow were addressed, however apart from some cosmetic changes the interface, it remains pretty much the same animal as in 7.5c. This is what it looks like now. (Thanks to Jaffro for the screenshots of v8.0)