Let me introduce another option : WhiteCap, which is a music visualizer.
I bought it (it's cheap : $30) and I run it on my MacBook Pro in standalone mode.
I use the RCA Master output of my DJM 850 that I plug into the MBP as line in, and WhiteCap will generate fancy images and graphics.
You can choose color themes, the waveforms you want, the time between color changing, the time between waveform changing, the scale etc. That's awesome, because you can create a list of what you think looks the best, and then WhiteCap will randomly browse through it over the night.
No MIDI hassle, works even on a non-digital setup, no need to focus on the video mixing, you just do your stuff and WhitCap does it's job alone in the corner, plugged to a video 'projector' (not sure if it's the correct word) or any display device.
PS : Here's the link for WhiteCap :
http://www.soundspectrum.com/whitecap/
You can DL the trial to see if it fits your needs, but you will have to buy platinium version to have the standalone ability (because WhiteCap can be used with iTunes, Winamp etc aswell) in order to plug the line in from the mixer.
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