If so, what can you tell me about it, especially vis–à–vis video editing?
One specific question to get the ball rolling: when, for example, trimming commercials out of a recorded TV show, can you edit frame-by-frame?
The software I use currently (NeroVision) jumps 3 frames at a time, and it frustrates me.
You should be able to install whatever video editing software you want on your current Ubuntu install. Use whatever graphical* package manager you have (I like Synaptic) and search for ‘video editing’ or something like it: When you install, all of the dependencies will be pulled in automatically and all of your menus will be updated and so on. You can even cleanly remove software you don’t need using the package manager.
*(It doesn’t need to be graphical but I’ve never bothered to learn how to search for packages using the command line tools.)