Lightworks video editing software for Windows has now been released to the public as an Open Source software. I've also heard that by the end of the year Mac/Linux versions will become available - read the techs and specs page here.
The best Open Source video editor I've heard is Cinelerra for Linux. I haven't tried it because I use a Mac, however, I have tried other Open Source video editors that can run on Mac, and they just don't provide me with what I want from editing software. Besides, at the very basic level Mac users get iMovie, and it does the job for simple quick edits, the same way a basic Open Source model works.
You can also edit basic video in the admired Blender, which makes for a nifty motion graphic and editing bundle.
Bundling however doesn't work for me, which is why I tend to ignore Adobe these days in the search for dedicated software. I've always used Final Cut Pro, and recently Final Cut Express whilst waiting for Final Cut X, which is now available from the Apple App Store. My needs for editing aren't complex, and I don't have a high turn over of clients who require complex outputs. I also don't much depend on motion graphics for what I do, any particular effects as such, I plan for in-production, finding it a more enjoyable organic challenging way to manage my footage.
On principle Open Source video editing I am keen on, because all the patenting palaver going on with companies and such, I find draining and just restrains potential for creatives.
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