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Yea, there are lots of effects and tools hidden in there! I've been able to implement every effect I've ever needed without much effort. I actually have been using blender since I was a kid so I know my way around better than most. I'll edit this comment later with some quick tips or examples.

Sorry for the shortness of this, but I know everybody strapped for time and might find this handy.

Things Blender capable of for video:

* Advanced graphical node based compositing

* "Effects Strips": Essentially generates a strip in the sequence editor that you can layer above the target media strip. Like using a Photoshop layer for one specific effect.

* Decent audio mixing capabilities

* Fantastic motion tracking (advantage of being built into your creation suite)

Pro Tip: Make sure your output frame rate is the same as the videos you are going to import. Otherwise the audio gets out of sync.

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