Video Editing Software for Linux

Jahshaka labels itself as the world's first Real-time OpenSource Editing and Effects system. It has been compared to Apple's Final Cut Pro and Adobe's After Effects in this news article. 

It claims to be as easy to use as any Windows based system with drag and drop functionality and a desktop for your audio and video clips and other assets. Because of the design tools used to create this software it works on Macs, PCs and Silicon Graphics workstations

Jahshaka's morphing interface allows you to work as a editor when you are editing, to work as a compositor when you are creating effects, as a audio engineer when you are mixing, and as a animator when you are doing 3d. It will even allow you to create your own hybrid interfaces to match your workflow

It claims to allow you to:

Edit with flexibility and speed
Create Effects in real time
Animate with unlimited features
Paint and design on moving video
Create music with all the tools the pros use
Work in any format at any resolution
share files, projects and clips with users on your network/internet

General features that are common across all modules and the system in general. 

- Recovery system based on saved system image
- Batch scripting for advanced automation
- key-frameable animation for everything
- Marker on timeline to indicate key-frames
- multiple key-frame formulas for linear, bezier, etc, extraction
- Time editor for any function that can change value over time
- unlimited Undos and re-dos
- 3 interface options for home, hobby, full production
- hardware controller support & automation for audio & video mixers
- film tools like deinterlacing, colour temperature adjustment etc
- full plug-in based architecture
- output projects to DVD, Flash and CDRW decks

Jahshaka is split into the following modules:

The Desktop
The Animation Module
The Editing Module
The Effects Module
The Paint Module
The Text Module
The Library Module

More information from the Manufacturer's website

It is licensed under the GPL and is freely available for download.