The folks over at diva-project.org have just released baby version 0.0.1 of their video editing software.
The project which aims to become a complete, open-source video editor, with support for plugins and compliance with the Human Interface Guidelines, already provides a bare minimum of functionality expected. Video can be imported only from raw .dv files for now, although DV import from camcorders, via firewire, is already in the works. On the wanted list, there's also the ability to export to XviD and other popular formats, transitions (fade, crossfade) and audio and video filtering - really just complicated and rarely-needed stuff like volume, contrast and brightness.
Diva is written on top of the gstreamer framework, and possibly because of the involvement of Miguel de Icaza, they chose to develop it in mono.
Linux is the only OS supported at the moment, although there are plans for Solaris / BSD compatibility for version 0.3.x. "Diva is meant to be cross platform. We should support as many *nix platforms as possible" - says ticket #26 of their roadmap, seemingly forever banishing Windows people.
In order to compile, you need to pach module gst-plugins-good from the gstreamer cvs. When I tried it (March 30th), the patch failed, but it worked fine with a repository from 2 days ago (cvs -D).
Get Diva at Softpedia.
Video editing for the Gnome desktop
... so hot right now