After over 6 years of development, the 1.0.0 version of LiVES, http://lives.sourceforge.net , a free software video editing and VJ system for Linux/BSD was released this week.
Loading and editing of almost any video format, with instant opening of dv and ogg/theora video; playback at variable frame rates, forward and in reverse; frame and sample accurate cutting and pasting; streaming input and output; encoding to over 50 different formats; dozens of realtime and rendered effects, generators and transitions; a multitrack window with limitless number of audio and video tracks and much more.
LiVES was nominated for Best Project for Multimedia in this year's Sourceforge Community Choice Awards.
There is a nice review of LiVES here:
The project is now seeking more developers to help it advance even further.