Windows Live Movie Maker

Yes, Microsoft have released a new version of Movie Maker.
No, they haven't just changed the name.
I found it on my computer after Windows Live Messenger was updated. It is a bit awkward at first, but you get used to it pretty easy. One of the really useful things about it is you can drag text around to wherever you please.
Here's what it looks like:

I'm not gonna take too many screenshots, so if you want to take a closer look then watch this or click here to download it.

My verdict? I haven't used it for half an hour yet, but I think it's quite good.

Oh, and one more thing; you can't use it on Windows XP.

*Downloads*
Ah dang, can't use for XP. *Quits the game*