Blender is an awesome application that packs a lot of tools into a single program. I use it for video editing almost as much as 3D content creation. It is by far the best open source video editor that I've ever used.

There are draw backs to using Blender. If you do not use shortcut keys this is not the tool for you. Blender uses its own windowing system that can make it a little hard to navigate for the new user, but it also makes the interface incredibly customizable.