Windows Live MovieMaker
Finally - and lagging some way behind the rest of the Live Essentials suite - Windows Live MovieMaker is available. I've been playing with it for a few weeks now and it's very useful for a bit of casual video editing. More specifically, the support for additional import formats, support for HD and so on is very useful, as is the direct upload to YouTube (which is harder to profile for really well).
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Windows Live
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