Features:

Intuitive step-by-step interface
Video Editor: Slicing, cropping and converting, adjusting brightness, contrast, gamma, saturation and clarity, rotation and reflection, sound adjustment/normalization
Video effects: Grayscale, Sepia, inverting colors, old movie
Transitions: Darkening, Circular, Overlay, Down shift, Left shift, Right shift, Up shift, White haze
Fully animated credits of the authors at the beginning and at the end of the film
Customizable text labels (text, font, size, color) with appearance/disappearance effects
Background music: Setting the length and location
Ad Removal Tool
Video Converter
Openable formats: *.263, *.264, *.ASF, *.ASX, *.AVI, H261, *.H263, *.H264, *.M1V, *.M2T, *.M2V, *.MP2V, *.MP2V, *.MPA, *.MPE, *.MPEG, *.MPEGTS, *.MPG, *.MPV2, *.VC1, .WEBM, *.WMV, *.WMX, *.WTV, *.WXV
Save formats: AVI, WMV, MPG
Export movies: AVI, MPEG-2, WMV, DVD, Blu-ray

What's new:

improved Windows 8 support
improved encoding
minor bugfixes