Feature wise, Cinelerra looks to be the best fit if you want to do anything serious, and that’s a problem, because it falls apart when doing anything serious thanks to a seriously bug ridden code base. I mean it! This thing is such a race-condition fest, it can’t even open its own project files on my system without crashing! (Start project, add clip, save it, try to load it … freeze!)
OK, as what we use in our office, bearing in mind that we need to do rapid editing and splicing of 1080p video from two fixed point cameras, we use http://www.womble.com/ DVD Wizard. The cameras (yes two) get plugged in, the files are dropped on the time lines and within seconds we can start editing. Moving through the files, editing and splicing, is fluid and quick. Rendering the final product is, of course dependent on format as you’d expect but we tend to batch our work and let the jobs run overnight.
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