I used to use Adobe Premier, but the version I have is very old and doesn't play well with Windows 7. I am a huge fan of open source for a myriad of reasons and started looking for something new. I found a product called
Lightworks that I'm very happy with, the learning curve is steep - but the price point is doable. Because it's an open source program, you get the huge open source community to back you up - they've also got tutorial videos on their website. You can get the free version to learn with, but if you want to export via more codecs (H.264/MP4 being the most noticeable), you have to pay $60/year (50% off for student discount). I use the free version and export in one of the native formats, then use Handbrake (another open source program) to convert to H.264.
Only one additional step, but it's
FREE and while it's not the "industry standard" that Adobe Premier is - it's pretty popular in Hollywood. These are some of the movies that have been edited by Lightworks:
Braveheart, Moulin Rouge, Mission Impossible, Bruce Almighty, Gangs of New York, The Pelican Brief, Good Will Hunting, The Aviator, Pulp Fiction, Lock Stock & Two Smoking Barrels, Goodfellas, Jerry Maguire, ConAir, Batman Forever, and others...