Toufee has joined a variety of online Flash movie editing websites and judging from these samples, it could be a good place to start if you want to edit and share video files.
Toufee is a hosted service and it produces very small files. Flickr and YouTube import are supported.
Perspective: Toufee is fun to use and will no doubt help inspire consumers to make and share videos with others. What will be interesting is a mashup that uses this technology to host branded consumer generated media competitions.