What Is Your Favorite Video ditor

iMovie. Because it actually works.

Would purchase Final Cut Pro if I could though.
 
Final Cut Studio is a full featured professional editing suite.

iMovie is by far the easiest and best featured "free" (bundled) solution as part of the iLife suite that comes with every Mac.
 
I use TMPGEnc Authoring Works. I find it simple to use and very reliable. I also allows me to encode the video in DivX, Blu-ray, or DVD form. For simple trans-coding I really like Handbrake, but find that the GNU/Lnux version seems to work better. Of Course, my preferred Linux operating system is Ubuntu, which is free.
 
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