We demonstrate a novel compact femtosecond Ti:sapphire laser system operating at repetition rates from 10 kHz to 4 MHz. The scheme is based on the combination of a broadband cavity-dumped oscillator and a double-pass Ti:sapphire amplifier pumped by a low-noise cw solid-state laser. Amplified pulses with an extremely smooth spectrum, a duration of only 12 fs, and less than 0.25% rms fluctuation are generated in a beam with M2 < 1.2 . A maximum pulse energy of 210 nJ and an average output power of as much as 720 mW are achieved. This output energy is sufficient to generate a stable continuum in a sapphire disk.