This just in! The VideoLAN organization, makers of VLC, have decided to throw their hat into the video editing ring, and plan on releasing a cross-platform (Mac, Linux, Windows) video editor called VLMC, or VideoLAN Movie Creator. The project is still in its early stages, but if you're a developer-type, and you wanted to access the current working tree, you can fetch the current working tree with Git:
git clone git://github.com/VLMC/vlmc.git
Despite its early status, I will be playing close attention to this project, given the quality of VLC.