So far the programs I've looked at are:
Ulead VS9 - Takes 7s to start to play. To me that is unacceptable. When I've done a cut I want to play over the cut to check the effect. Chroma key worked well. Audio track aren't visual either (i.e. see the sound for cutting)
Pinnacle Studio 9 - No Studio 10 demo yet and this demo is a bit flakely. Couldn't get chroma key to work or PiP. Does have visual audio though but not on mpeg imports. It's meant to have smart rendering but an mpeg I cut it wanted to completely re-render.
Nero - very primative tools but good for not rerendering mpegs. 2 mpeg files, each over 1hr, each with trimed start end and 3-4 cuts (advert removals), DVD menus, chapter and root with animated buttons - 16 minutes in total. Might be worth considering if I had an mpeg camcorder.
Sony Vegas - could not get it to work.
Cyberlink Power Director 5 - Not bad. Not too keen on the magic fix buttons. Interface similar to Pinnacle but preview doesn't advance with arrow keys. Chroma key gave poor results. Does have audio visual though and this is also true for mpegs. Seem to want to recode it all though.
Edit Studio 5 - (
www.puremotion.com) similar interface to sony. Interestingly it will work with virtualdub filter and another free program called wax. No DVD creation program though so you need one of those too. No good for mpeg files, just 1 mpeg, front trim and 1 cut (i.e. <1/2 Nero's load) and it estimated 8 hrs, a complete recode. But interface is very flexible. Does have visual audio though. Chroma key was good.
Edit Studio is probably my favourite currently. It seems very powerful and the ability to incorporate free tools is good. I'll have to stick to Nero for mpegs though and use Nero for the DVD.