Sony's Vegas was the other one that I was looking at, anyone with real world experience of using this or Serif's product, their free one looks like it's a cut down version.
i will be looking to edit video when i buy a new pc soon (mac, hopefully) has anyone tried the adobe video editing software or say the mac final cut pro?
Lots of people. Premiere Pro and After Effects are very popular, as is Final Cut in all its incarnations. I've heard of a lot of people switching to CS5 from Final Cut lately.
Not cheap though. Personally I got CS5 Master Collection when I was a student. For the small amount of video I've done to date, Premiere seems very straight forward to use (lot's of familiarity with the rest of Adobe suite, such as PS) and certainly capable of doing more with a video than I'd want to. Soundbooth is a handy thing to have as well.
i have cs5 does it edit video?
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If you're filming with a DSLR, all you have to do is import it and it begins to transcode the footage in the background for you. Then as soon as you put it in the time line, it starts to background render. It's SO easy and fast its incredible.