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.