There is nothing I have been waiting for more than getting my hands on Diva. Michael Domink has been rocking hard to make this not only a free alternative to iMovie, but the best non-linear video editor for the lazyman. Check out the cool demos.
I love the grouping by length, that will seriously rock for audio, I love the persistant undo (more apps should do it!), but most of all I am happy the gstreamer framework rocks as much as Quicktime. Although some extensive patching is involved I’ve heard.