I've got roped into doing some extensive video editing so I'll be keeping my eye on this thread.
Lightworks (http://www.lwks.com/) looks good but the free version is limited in file formats due to codec licensing costs so I haven't been able to use it with my files. I'll be getting a year's license soon to try it out.
Videopad's free version is limited (http://www.nchsoftware.com/videopad/index.html). You can't do colour correction, but you can do that and most of your post processing in Lightroom 4 in the Library module then export the file and use Videopad.
If all you need to do is basic colour correction, brightness etc... and editing the start and end points of the video you can do that in Lightroom 4.
I'll give these a try. Cheers Epoc.