I do all of my editing in Windows Movie Maker, both the Windows Live version for Windows 7 and the version that was included in Windows Vista (multi-boot OS options, being consistent with my multi-boxing).

Sure, there are more things I wish I could do. And that's part of the reason I even bother with two different versions of the "same" editing package, because each have different feature sets.

Also, I've found that the 32-bit version of WMM in Vista simply can't handle the raw, large FRAPS files. I normally do a first pass in 64-bit Windows 7 WMM, applying any effects from that product and saving out as WMV 1080p. Then I reboot into Vista, and using the easier to handle files from the first pass add any additional effects and music (the timeline editor method in Vista is more precise IMO), then save out again in 1080p.