Update: I tried the software for the first time and when I downloaded it says that it is still buggy, looks okay though I've only played with it for a little while.
These days I use Adobe Premiere Pro5 - but I started out with Applian's Cyberlink Power Director to get the hang of it all. Cyberlink is the easiest to learn on.
I use Video Convert Master for quick video conversion. It's not made for editing but when it comes to conversions, it's the best I've tried so far. You might wanna take a look at it.
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Adobe Premiere is really good. On the same level of quality you can also use Sony Vegas. Those are basically the top 2 paid editors. iMovie and a few others are available for MAC and are really good.
I've also used a couple of free applications, but they tend to be limited in features.
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