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Another .02 cents.
I have actually never been a big fan of Premiere as the feature navigation, etc. just isn't very intuitive (and I've used Photoshop and Pagemaker for years). I've only used an older version of Pinnacle as the first capture card I bought a few years ago was from Pinnacle, but it was very easy to use -- as I assume the newer versions are as well.
Ultimately, though, I've got to throw in my vote for Sony's Vegas Video software. It has a very intuitive "Windows" type feel to it and renders video very well across the range --- from VCD MPEG1, even compressed formats with DivX, Xvid, etc.
If you're looking for a cheap option, though --- this isn't it (somewhere around 4 bills), but, IMHO, it is a good investment since as your video editing skills improve, you won't be as likely to get frustrated with it for being too "elementary."
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