M2-edit Pro - description from Softdepia.com:

M2-edit Pro brings new breakthroughs in technology to deliver the most sophisticated MPEG-2 editor available to your desktop. M2-edit Pro is based on Mediaware's advanced MPEG-2 library that supports bit-rate controlled editing, searching, mux, demux, and repacketization of MPEG-2 Program and Transport streams as well as MPEG-1 System and Video-only streams. M2-edit Pro includes a Java interface with MPEG searching and scene change detection, full multiplexing and demultiplexing, and HTML storyboard output. With M2-edit Pro, you can quickly find the footage you are looking for and clean it up for DVD or broadcast applications. M2-edit now generates videos that start playing more smoothly, and now works on a wider range of corrupted MPEGs. With web publish, video searching and logging, drag and drop editing, frame accurate and fast mode editing, you can now edit MPEG video more quickly, easily and more cost effectively than ever before.
Features of M2-edit Pro
- Insert Title and Graphics images
- Edit video and audio components separately
- Join MPEG clips having different video bitrates
- Robust MPEG-2 player
- Create Windows Media™ Format streaming output*
- Create RealMedia™ Format streaming output*
- Use MultiTrim to create individual videos for each clip in a video
- Undo/Redo EDL operations in Composer - Transcode tool
- Better bit-rate control in edited output
- Many improved usability features
- Transcode to different MPEG formats
M2-edit PRO has features key to professional media and broadcast MPEG editing:
- 422 or 420 MPEG support
- still capture
- large file support (64 bit addressing)
- output to MPEG-2, MPEG-1 or stream formats
- HTML publisher
- optimal audio inclusion using our HotSplice(TM) technology
- New advanced EDL support
- GOP closing and time code repair
- DTS, PTS restamping; PID remapping
- mux, demux and repacketize tools
- Windows and Solaris versions
- video searching and logging
- monitor resize and set

M2-edit Pro is a "Free to try" program. You can download and try it for an evaluation period.