Looks like primitive clone of Sony Vegas but will be better in future because

EditStudio SDK

Absolutely Free EditStudio SDK for developing Edit Studio Plug-ins such as Effects, Audio/Video Filters and file format Input/Output plug-ins

* Full SDK Documentation
* Several examples
* Plug-in Builder tool to aid in the creation of new plugins

Download ES SDK 2.0 here (500 kB). (VC++6)

http://www.mediachance.com/video/index.html