On Day 2 of the Streaming Media West Conference, I got a chance to check out the brand-new, full-featured online video-editing platform called WeVideo. In short, I was very impressed.

WeVideo is basically a Final Cut Pro clone in the cloud. You don't have to install or buy anything to use it (the basic free account), and it performs in real time, with very little waiting for rendering.

Obviously, WeVideo's use of the cloud is a huge convenience that helps free up your hard drive. But more importantly, it enables what is perhaps WeVideo's biggest selling point: collaboration. Like a marriage between Final Cut Pro and Google Docs, WeVideo makes it possible for teams to remotely hack away at projects and even track changes as they go. From what I've seen so far, it works well, and I think it has the potential to be something big.

According to CEO Jostein Svendsen, WeVideo was a spin-off of an educational tool initially developed for children in Europe. Thus, it's no surprise that the interface is as simple as it is. It lets you drag and drop media, and manipulate the canvas with your mouse. Yet at the same time, WeVideo's creators have managed to pack this simple interface with a lot of the features and power that even serious video editors are used to. And that is what separates WeVideo from some of the other Web-based video editors on the market.

It's important to note that a free WeVideo account is only capable of editing 360p video, which means only projects destined for YouTube and similar sites would be a good idea. Paid account tiers start at $6.99 per month, but they unlock higher resolutions, more storage, more collaborator invites, access to licensed content, and much more.

If you're still not convinced that WeVideo is the next big thing, then perhaps one if its partners can help sway your confidence. Only a month after launching, WeVideo partnered up with YouTube and became an official plug-in available to the video giant's users. What's more, Svendsen assured us that WeVideo is also being adopted by hordes of prosumers and being courted by a number of (unnamed) companies to be their editing platform of choice.

To sign up for a free or paid WeVideo account, go to WeVideo.com. Additionally, you can go to YouTube.com/create to enable the integrated YouTube plug-in.