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Originally Posted by andy
In the for what its worth catagory,
Avid is the industry standard.
I learned imovie first, then casablanca (I hate that machine), then I tried to run Final Cut 1 on a new (now old) imac. Poor choice. Imagine having to render something and the status bar says "render time: about three days"
This is when my dislike for macs began. Also, if you edit/use a mac for AV stuff, example FCP or Photoshop (this is coming from a PC user) BUY A THREE BUTTON MOUSE!!! Using all three buttons is so much quicker then using just one! Or you could get a tablet  I want one sooo bad!
I digress...
Then I moved on to Premire and After Effects which I used for about 2 years and now I use Avid DV Express. Super nice!
Avid has real time rendering so there's no waiting for effects to be applied. This makes Avid the most powerful video editing program on the market (in my opinion) however it is also the most costly. *sigh*
Good luck this year
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There really isn't any industry standard per se in video editing field. I have seen people use multiple types of non-linear editors. Avid and FCP are very widely use.
FCP has really evolved from the first version, and there a lot more features in version 4, than in version 1. Also FCP is not meant to be on a pro mac, not a consumer mac. So you are obviously going to get poor performance on a consumer type mac. In FCP 4, a lot of the rending stuff is real time or close to real time on a high-end g4 or a g5.