I hope that VideoSpin is good enough that it'll grow into an awesome free video editor. This is our first attempt, and I think we're on the right path. (I hope so.) We're certainly listening to feedback.
I wrote a small tutorial on how to make an AMV with VideoSpin over at my site.
[Edit] Ha, ha! My little site looks slightly wrong in IE, and the official site looks slightly wrong in FireFox! It just goes to show you where we do most of our browsing.