You can now use a professional video editing tool to edit all your home videos. Lightworks has gone open source and it includes native support for various file types like MXF, QuickTime, AVI, RED R3D, DPX, Avid DNxHD, ProRes and so on. You can perform real-time video effects, apply several channels of voice and music, choose from several filters and transitions or even do colour correction on the video. In fact, the Oscar-winning The King’s Speech was edited completely on Lightworks (as were other blockbusters like Pulp Fiction, The Departed, Centurion and Shutter Island).
Download it from www.lightworksbeta.com
I couldn't refrain from commenting. Exceptionally well written!
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