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we’re introducing a new tool that anyone -- even this guy -- could figure out: it’s an online video editor, now available in TestTube, our ideas incubator.
Without installing any software, it allows you to:
Combine multiple videos you’ve uploaded to create a new longer video Trim the beginning and/or ending of your videos Add soundtracks from our AudioSwap library of tens of thousands of songs Create new videos without worrying about file formats and publish them to YouTube with one click -- no upload necessary
...I wouldn't look at it till it allows multiple tracks, fades and ability to smoothly cut any segment from a video or audio track.