I havent kept up to date in the last few years but anyway:
For prosumer desktop editing on windows for under 1k:
Premier - granddaddy of desktop editing - an Adobe UI- so lots of floating windows (final cut pro and premier are designed by the same person). Works well with other Adobe products
Avid Xpess - based on the original pro editing interface 'Avid Composer' thats used by lots of old pros and is still the off line edit tool of choice. Realy fast workflow if you learn the shortcuts. Good upgrade\compatibility path in the Avid family (includes pro tools)
Vegas - new kid on the block bought out by Sony. Great inteface, easy to use without sacrificing profressional features.
They all do pretty much the same thing, and the learning curve isnt too steep on these apps. If you edit anything that is better quality than DV you need to get a RAID disk system and a hardware video card (like blackmagic). Also a good TV (grade 2 if you can afford it - or a newish sony triniton) is required to check what it looks like when it ends up braodcast on TV.
With a new computer, rendering transitions and basic titles in DV is as fast as you like. If you want realtime multi-layer effects thats more than a couple of layers and some doddgy wipes you need to get an application that uses GPU rendering i.e. Motion on a MAC / Fusion 5 on a PC / of high-end Discreet tools like Flame.
(i'm with matte on this one and use FCP on a mac for the editing but do 3D and compsiting on a PC - if your needs are only cutting and transitions and you dont want to spend too long learing a new application Microsoft sell a ok editing package, and there also must be a free shareware or open-source applications out there that also do home-movie editing)
check out my new wiki (1 day old) for
Moving Image pixel pushers its a bit sparce but should hopefully soon fill up.