The hosts of the The Linux Action Show, a popular podcast about free software and Linux have previewed Lightworks running on Ubuntu. Lightworks is award winning and professional grade video editor. The source code of the editor was open sourced last year and developers are now trying to port it to Linux.
Lightworks works great, both for newbies as well as professional movie makers. Some of the features that this editor supports are wide format support, full-fledged timeline with drag & drop support, insert & replace commands, option to change the clip speed, add effects and transitions support, hassle-free precise trimming, etc.
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The video editor is currently in closed alpha phase, meaning only a few individuals have been given access to run it and test it on their machines. We can hope a public beta soon. Stable release may take some more time after bugs have been fixed and performance improved.
View the video here. The preview starts at 45:55