Plus, it's free or close to it - there are a couple of good books on it and, coincidentally, I just took one of the free classes at an Apple Store. It has a wealth of audio, exposure correcting, cropping, PIP, stabilization, transition, and title tools. I have a copy of FCP but haven't used it as I don't see where it does a better job than iMovie for 99% of people.
However, iMovie, mentioned by an earlier poster is quite advanced (latest version) and I've been using it for years to make instruction videos, videos that need voice over added, sports videos, as well as student performances and presentations.
