I'm using nero vision and I like it but you have to buy it so if you want freeware then use WMM.

Sony Vegas is probably [one of] the best video editors out there. Though it's not free, and it's somewhat confusing, it's amazingly powerful. If you're looking for something that would be easier to handle, then try Cyberlink PowerDirector. It's also very powerful, but lacks some cool features.

If you want something free AND powerful... good luck.
I just noticed this topic is a little bit old, so maybe you've already found your answer.