I use a program called VideoReDo. It's a very quick and simple video editor. It can quickly cut out adverts from my MPEG2 files, which I create using my Hauppauge Digital TV software. It creates quality video in less then half the time of most other editing software.
It has such a vast variaty of programs for anything video that you do not really need to go anywhere else. Also the forums are very helpful. I have to say that they are not as freindly as folks here but they are not far behind.
Everytime I need an answer on video matters I always look there.
One word of advice, do not discuss downloading of copywrite protected materials, big no no there. You are likely to be banned.