Adobe Premiere Pro CS5.5
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Full user review
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"Best Editing Software I've used!"
Pros
Excellent editing speed and set of tools. Supports native DSLR video playback; great for my 7D footage, because I don't have to convert the files or do proxy editing. The workflow is much faster with other codecs as well, including HDV and AVCHD.
Cons
Need to install a newer graphics card to properly utilize the new mercury playback engine (still runs fine without it though).
Summary
Fantastic editing software with great speed and performance when editing. I've used a number of different editing programs including both Avid Media Composer 5 and Final Cut Pro 7, and In my personal opinion, Premiere Pro CS5 beats both of them in speed and usability. The small things I had difficulty doing on FCP and the Avid (such as right clicking and going to change speed when manipulating audio) works completely flawlessly in Pr CS5, whilst in Final Cut, It won't let me do that for some reason?
It handles a number of different codecs wonderfully. I've used HDV, DV, H.264 and AVCHD all in one sequence without rendering and have received awesome playback performance. The program barely crashes at all now, so the issues with previous versions of the program have obviously been met. There's not a lot to say really; it lets you focus on story telling, and less on worrying about rendering and converting files. Download the trial and try it out! You won't be disappointed.
The only peeve I have, is that you'll need to buy a new graphics card to use the new playback engine properly. Without it, you'll have the same playback functionality as previous versions, meaning there will be little DSLR video acceleration. Other than that though, it's fantastic!