One of the videos on youtube is for spectralayers pro 2 and is about the new extract shape tool. I think it is the magic wand tool in pro 4, but I want to make sure. It's the same? Or, where is it?
I think you are right - from the manual "Click the Magic Wand Selection tool to paint a selection in the spectrum display by intelligently selecting shapes"
I confirm the extract shape tool as been renamed to magic wand. NB: Since SLP3, theses are now selection tools, not extraction tools. The actual extraction happens when copy/paste or cut/paste your selection.