Edit Your Videos With YouTube

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It's official, you can now edit your videos right on YouTube. There is a decent amount of editing options available, watch the embedded video below for more information. I'll be busy editing my videos.
 
Quick somebody sue Google for trying to put video editing programs out of business!
 
I figured it was only a matter of time before this came about - far fewer features than I would have thought but it's a start.
 
Do they keep all the video, even the edited out parts? and for how long?
 
Certainly is a start - I think it's pretty cool but a lot of free movie editor websites are going to take a shellacking.
 
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