Commercial editing / editing software
Adobe Premiere Pro CS5.5 (Windows / Mac OSX) is the most popular professional video editor. Especially good with Adobe After Effects. Adobe Premiere Elements 9 (Windows / Mac OSX) is an example of an amateur video editor, great for beginners and advanced users. Pros of Adobe Premiere Pro: 64-bit support speeds up performance. Ease of use and great functionality. Integration with Adobe Story allows widespread use of scripts. Cons of Adobe Premiere Pro: new versions do not support 32 bits, hardware acceleration works only with certain Nvidia video cards.
Sony Vegas Pro 10 (Windows) is popular among video amateurs and is also used in professional television and film production. If you are patient enough to know all the details and subtleties in this program, then it will pay off for you in the long run. Pros: Lots of unique and useful features Cons: Steeper learning curve than competitors
Apple Final Cut Pro X (Mac OSX) is a completely revamped video editing suite from Apple. Lots of innovations. The program is complemented by the Motion 5 and Compressor 4 animation tools for encoding files. Pros: 64-bit and multi-core support for better performance, user-friendly interface, compound clips, clip collections (alternate takes), flexible timeline, background processing, lots of handy tools. Cons: not compatible with previous versions, many temporary (?) Flaws (inability to import material from multiple cameras and instantly switch between them during editing, no RED support, problems with audio tracks, with export). Mac platform only
Cyberlink PowerDirector 9 Deluxe (Windows / Mac OSX) is one of the best editing software for entry to intermediate users. Pros: processes video faster than other programs, many effects, up to 100 tracks, keyframes, timecodes, 64 bits and multi-core. Cons: there are nuances in the study, but no more than the competition. No tagging and search for effects.
Corel VideoStudio Pro X4 (Ulead) (Windows / Mac OSX) is a popular video editor, one of the best and most versatile programs. Pros: Well thought out, versatile interface. Lots of effects. Good for stop motion and deceleration. Fast rendering and on / off. Stable. Blu-ray and AVCHD recording. Cons: Quite steep learning curve. Limited number of video tracks. No tags for clips or search for effects.