UPDATE (7/2011) Lightworks Public Beta The Lightworks editing applcation, with some high-profile production credits, has now gone publc. Pros: It boasts a lot of high-end tools, and is recommended by the people you normally pay a lot of money to edit videos for you. Cons: PC only for now, but is slated to be Mac and Linux compatible by later this year (2011).
Earlier Post -----
Apple iMovie '11: The latest version of this iLife suite software is still straightforward and easy to use, but has added some fancy features like face detection, audio adjustment, image stabilization, effects such as instant replay and slow motion, new themes and graphics, voiceover recording, overlays, trailer creation, and easy links to Facebook, YouTube, and