Jeremy Allaire demoed their new video editing application, Aftermix at Engage. It' a Flex 2/Flash Player 9 application that looks like it's going to make a pretty big splash in the budding video editing suite. One place Aftermix seems to have a big boost is that it ties closely with the Brightcove ecosystem and allows copyright holders to provide bits of their content that users can use and manipulate. They're called "asset bins" and are a mix of user-created and professional content.
Users pull assets from the bin onto the timeline which is divided into 3 seconds, video, audio, and photos. The timeline is very graphical and you can map video and audio assets very easily. You can also record your own content right from the application using the webcam feature in the Flash Player and preview the video as you go.