The development team that managed to create one of the best video players has decided to create an edition tool. If you think that VideoLAN or VLC is a good player, imagine what you'll be able to do with VLMC or VideoLAN Media Creator, the video editor that this development team has made available for everyone.
The video editor based on VLC
This player will probably become one of the best, for the moment it already supports MPEG-4, DivX, MP4, AVCHD, and HDV, up to 64 different video and audio tracks and two screens. Furthermore, it includes the possibility to add plug-ins. Since it's open-source, the possibility of external contributions is very high, and the number of plug-ins and add-ons for VLMC will surely increase as time goes by.
The software has a rather rough interface, but it's more than enough to start using it. Even if it isn't a professional tool, it is more than enough for domestic or semi-professional environments, so if you need an editor with quite a lot of possibilities, VLMC is an option worth taking into account