Cant agree with you more on the Multimedia front! I've tried an array of linux/open source video editing apps. All of them came short. So back to paid software for my home movie creations. Following is a list of highlights in my search:
Cinelerra - Seems to have lot of features, but is none intuitive and a bit slow.
Jahshaka - Good for effects. Not much editing features.
Kino - Still too early in dev.
Pitivi - Promising since Ubuntu is backing them. »