O.K>, a bit late to this party, but I have been testing, researching, and trying to do my homework on this. After several weeks/months of fiddling around, great discussions with many colleagues (Kevin, kevinparis, having very good insights and perspectives), etc., I finally settled on Adobe CS5 Production Premium suite that has Premiere Pro, After Effects, and others. This was not a hasty choice, as I was already using Final Cut Express 4 as my NLE, but I decided to make the switch.
Several reasons why: Adobe's CS5 is pretty much working in 64-bit, while Final Cut Pro/Studio, my other top choice contender is still lagging there a bit. Adobe PPRO handles most of the newer DSLRs (like my 7D) in their native format (Canon wrapped .mov file) for editing, rather than doing the transcoding in advance (FCP for its ProRes codec use), or constant re-rendering (as in FCE) for really seeing effects and transitions while you are building your movie. (That constant re-rendering was too much a PITA for me, and all the transcoding for AIC turned 1080/30p files into 1080/60i files just to work...stepping backwards to me.)
Another reason was the much tighter integration of the various apps from Photoshop, to After Effects, to Sound Booth, to Encore, etc. They all play nicely together, and one can easily toggle to and from them with excellent Dynamic Linking to display what you just did. Speeds up that entire process tremendously, in my opinion. Please do not get me wrong, one can do most/all of the same things in Final Cut Studio, but the Adobe suite just seems so much easier and is faster, from what I can tell.
Honestly, all of this stuff takes some serious time to understand, let alone become "sufficiently proficient" (say that quickly 10 times before your morning coffee!), and one will quickly appreciate why some of these are "pro apps", which may be way more than most folks want for quick video clip viewing. I actually started this journey with just wanting to incorporate short video clips into Aperture slide shows. One thing led to another, and deciding that to do thing properly and have a professional look to match my still work, there was just all this other "stuff" that I wanted/needed to do also. (Good example is being able to prepare output for all sorts of use....Web DVDs, Bluray, iPhone, iPad, Vimeo, etc., as clients want to see things in different ways sometimes, or use them on different types of players. Rather than start turning over entire project work to them in a format which the probably were unfamiliar with using, or may screw things up, it is easier to provide some things already "finished and sized" correctly for them to use. At least that is my present thinking, and time will tell.
But back to the main topic of which NLE, plus my added "why".... I am a Mac user for my hardware, but found that Adobe has really got out ahead on some of this stuff to take advantage of the power and platform to speed up workflow, make stuff really cross compatible, and produce a suite of things that actually work well, and I am doing most of this on a MacBook Pro 15", i7 core machine with 8GB of RAM. It all runs very nicely, and amazingly faster than I thought it would. Yes, a big fire-breathing Mac Pro would be a better choice, but I need to spread the budget to other things too ;-)
As for cost....I got the entire Production Premium CS5 suite as the "upgrade" from an older CS3 Web Premium suite for the same price as Final Cut Studio. The kicker is that the Adobe suite includes PS CS5 Extended, which I also needed to upgrade, so it was a very good choice.
How does it handle?....well, if you have already learned any of the Final Cut stuff, it is essentially the same thing. I was pleasantly surprised at just how intuitive some (not all) of the stuff is. You can download a demo, but it will not have the DSLR file handling stuff working, so you may be frustrated there, but hey, at least the Adobe stuff is handling the DSLR files natively.
Sorry for the ramble, and not trying to push nor sell the Adobe suite over Final Cut or something else, as I have no affiliation. I just was very happy to find just how powerful and capable this PPRO CS5 suite is. I am still very new to all of this NLE stuff, but certainly not afraid to dive in deeper now.
LJ