Avidemux is a free video editor designed for simple cutting, filtering and encoding tasks. It supports many file types, including AVI, DVD compatible MPEG files, MP4 and ASF, using a variety of codecs. Tasks can be automated using projects, job queue and powerful scripting capabilities.
There is no messing around converting it to DV format before you can edit it in a third party editing application.
It's far from perfect, but Avidemux is a handy tool for anyone that wants to perform basic editing for free and doesn't want to have to convert to another format first.