This video I just found in Youtbe:

 

As you can read in the description of this video, the VideoLAN Dev Days meeting in Paris

The VideoLAN Movie Creator, also known as VLMC, will be a free cross-platform video editing tool that offers the “features to realise semi-professional quality movies”, while remaining “simple and user-friendly”.

According to the project’s home page, a pre-release version of VLMC for Windows, Mac OS X and Linux will be available soon, but instructions how to get the sourcecode you can find here.