A couple years ago a fellow student in a college course recommended Corel's VideoStudio software for editing videos. I downloaded the trial and fell in love with many of the features. Now that they've upgraded to x4 and I have used it with many of my own students I appreciate it even more.
With multiple movie tracks and effects, the advanced editing features can be less than intuitive. But I've seen high school students use it to quickly edit a simple video as easily as they did in MoveMaker. I'm working with a group of middle schoolers now. We're taking it slow, but I have no doubt they'll be able to edit without me in time.
I have created some videos on my own at home that used multiple video tracks, transitions and titles. I only had it freeze up once. Considering my experience with Pinnacle software over the years, only one lock-up seems almost miraculous.
On top of the excellent visual effects that can be achieved, I'm very pleased with the audio editing as well. Audio can be split from the video in a variety of formats and effects can be added.
If you edit video with students, I strongly suggest downloading the fully functional 30-day trial. I see right now they're selling the full version for $50 per license, so it could be an excellent time to buy.