Movie Maker is the only freeware video editing program that I've had any experience with. I was able to get some "lite" versions of video editing programs when I bought a camcorder. I tried a couple "low budget" video programs and while they produced good results, they proved to be quite unstable and often corrupted the file that kept track of all the video clip information.
If your video budget dictates using freeware - I'd think that Movie Maker is still your best choice.
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