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I did a search on these forums but the posts were all a few years old. Are any of the Open Source applications usable when compared to something like Adobe Premier or Corel Video Studio?
Nothing too fancy, just the ability to edit videos and stitch video files together.
when compared to something like Adobe Premier
Not even close. :-)
However Cyberlink's PowerDirector is very cheap and sufficient for *most* editing. Even the "basic" version ($89 at last check) is a very simple interface, you can adjust color, sharpen, assemble clips, large library of transitions, add titles, but the titling is a little limited in terms of what you can do. Download a trial and check it out.
Exports with a variety of encoding settings, can do .qt, .wmv, mgp1/2 . . . . not .flv though.
The basic version does not support Dolby, you'd have to convert the sound, the pro version does.