Wikipedia's only weakness is everyone can edit it, and some juvinile ninnies (aka fan boys of another console) have oft found there fun in besmirching the other consoles. It's really dense if you ask me. 
Heheh.

Yeah, some political and/or religious articles are also rather prone to 'edit wars'.
There seems to even be a whole Wikipedia page about
lamest edit wars.

The next big weakness is it can't handle Variable bit rate encoding or perform it. Instead it will mangle the audio immediately. It has no way of supporting it either.
Oh yeah, I forgot all about the VBR audio issue. I think that either VDMod or Nandub or both can do VBR
(well, Nandub certainly should, since it was made for it), but I recall there being some issues with audio sync. It wasn't totally hopeless - seemed to work ok in most players, but few would screw up big time.
But yeah, it's not perfect, and since it's strictly linear, it can't really compete with Premiere.
Dunno, that
Avid Free DV seems interesting. It could be quite good - hardware based Avid stuff is certainly good enough for pros - but I have never tried it.