Went to the VLC site today to grab a download link for a customer who was having problems with an old file format (it plays pretty much anything) and discovered that they are working on an open-source video editor

https://www.videolan.org/vlmc/

Only available as source code right now, but it might see daylight as a regular installable program one of these days.

Judging by what's written there, looks like they finally decided to take the excellent VLC concept and make an editor version. because, yes, VLC plays just about everything. Probably the best media player software for playing DVDs on windows (because Win media player seems to greatly dislike playing DVDs).

I think VMLC'll probably prove to be the same high level of versatile quality that VLC is, once they've completed enough to release a full installable package and they got some community horsepower to pick up bugs and improvements in the future.