Last fall (or spring if you're in the southern hemisphere) I discovered and tried WeVideo as an alternative to JayCut which was bought out and subsequently closed by RIM. At that time WeVideo was in a beta phase. Last week they opened to the world. Now anyone can create and edit videos online using WeVideo.
WeVideo is a collaborative online video creation tool. In the video editor you can upload your own media clips or use stock media clips to produce your video. The video editor provides tools for trimming the length of display and or sound of each element you add to your video project. What makes WeVideo collaborative is that you can invite other people to create and edit with you. WeVideo offers four different user plans. The free plan allows you to upload your videos to YouTube and Vimeo but does not allow local downloads.
Applications for Education
For schools that have computer labs instead of 1:1 programs WeVideo could be an excellent resource. Students can work on their projects at school and at home without having to save files to a USB drive or attaching files to emails to work from.