Videolan Movie Creator (By Vlc Team) Pre-Release

windows binary here:
http://download.videolan.org/pub/videolan/testing/vlmc/

youtube demo:

The rumor is it’s coming to win/osx/and linux:
http://vodpod.com/watch/2751415-vlc-video-editor-in-action

build instructions too:
http://wiki.videolan.org/Building_VLMC

Very cool. I had no idea they were even working on something like this. Very interesting indeed!