Video editing software
Don’t compress your video footage before you edit… If your using any form of FCP you should be transcoding using MPEG streamclip to apple codecs
^ This is what I meant. Should I have written convert not compress. Is there much difference fmf?
btw the ideal codec to be transcoded to is ProRes 422.
I suggest; ProRes 422 (HQ) 960x720 25p
After conforming 30fps (GoPro) footage in Cineform to 25fps (POV footage) it will smoothen it out.
Because I use FCP7 I use 1080 on a 576 timeline (for dvd output) I’m happy to use 576 and export it to 720 for vimeo if the footage is good. If poor footage I’ll edit on 720 or bad footage at 1080.
I export files from Mpegstreamclip for use in FCP7, it accesses native files -but some wont work- like those from GoPro/Drift etc so have to convert the footage.
In Premier Pro and FCP7 file management is done by the user. To keep my system running well I need to delete render files as each project is complete. I archive the native video files with the project then delete everything to do with the project. This is very hard to do with FCPX and iMovie.
yeah i use FCP7 and AE i had FCPX and didnt like it. might try and get my hands on Premiere soon tho to give it a go 
I prefer FCPX over iMovie for pumping out quick edits (like the SNOcam daily run) but do most of my editing on FCP7.
Jumped on Premier to do some editing for Perisher last year, after not using it for 10years, and didn’t have a problem - FCP7 & Premier are just that similar.
Yeah Seb, transcoding rather then compressing would be better terminology! compressing had me confused - That infers you’re losing data for the editing stage, whereas mpegstreamclip etc give you better bitrates and more data, hence the transcoding. That workflow looks better now haha
With so much free video editing software at your disposal, you don’t have to be someone like Spielberg, or have a budget, to get great results. I have compiled the best free Video Editing Software on the Web. Note that some of the software in this list have paid versions that give you access to more features. But all these tools can be used very well in their freemium version for your Mac.
After a few years of using iMovie, I’m thinking of buying some more advanced video editing software. Pricing for Premiere Pro and even Sony Vegas put those options out of my reach. That pretty much leaves Final Cut Pro X. We have a 27” iMac, older version but with a Core i5 CPU that seems to be able to handle video work pretty well. We also have an older Core2Duo Macbook that can handle a quick edit but it isn’t a pleasant experience. Any opinions on FCP? I can get it 25% off thanks to discounts on iTunes store cards at Myer, bringing it to a fairly reasonable $240.
I can suggest you Power Director and Adobe After Effects because this is tested by users and it may be you budget.