You tube users are looking for inexpensive post-production tools as alternatives to Avid or Final Cut. Jumpcut, a Flash based editor, is free, but unfortunately it won't allow users to upload videos to You Tube. Eyespot is another popular video editing site, that allows users to mix each others clips.
"...producing a blockbuster on YouTube doesn't have to cost a lot of money. "Some of the software you can get for the price of a pack of smokes..."
"Harding ...opted for a Canon Powershot SD500 and a backup SD200. He says this comes as a surprise to people because the cameras are marketed for shooting still images. Yet, they also shoot brief video clips. They were inexpensive, are small enough to fit in his pocket and are durable."
"I've gone diving with serious underwater photographers in Borneo," Harding said. "They got depressed when they saw my high-quality stills and clips taken with these little cameras after they spent most of their dive time fussing with their high-priced equipment."
"...big-ticket technology is never going to make up for a lack of creativity."
[quotes from Greg Sandoval writing for CNET News]