LW [7.5] has softbody but it takes some effort to tweak, no hardbody but that can be faked and bone-setup and tweaking is frustrating (jumping back and fourth between modeller and layout) at best.
LW [8] looks like a really good buy in those departments. I'm with FroggermonSSE, I'm defenetly gonna upgrade this fall.
ToiletFreak:
There was a mock-up of the coming LW [8] UI but they are still arguing at NewTek about it. But here is what LW [7.5] looks like (with my own button and windows-configuration) original.

The Modeller.

The Layout.
The modeller and layout is two separate programs communication wia the "hub", a small background-program. One thing some LW-users hoiped for was that modeller and layout could merge into one, making it less of an hassle to go back and fourth. I personally like them being separate; it helps you concentrate on your modelling.
Oh, yeah, another cool thing in LW [8]: Bones can be added to all kinds of dynamics with just a right-click. I used to think LW was a full, now I love it! Wouldn't wanna part with it. (Thankfully I don't have to.)
2,4 Ghz, 512 Meg, TNT2 - and then some...