Re:Well I suppose it should be clarified (Score 1)

Seems I may have spoken too soon - LiVES seems to offer what I want, basic cutting and pasting features, without silly restrictions. It also offers much more, effects and whatnot, that I haven't had a chance to play with, but thus far, I'm impressed - all I wanted was cutting and pasting, but now I may have to raise my expectations :)

It can also output to specific formats, like (s)vcd compliant mpeg files, so this may indeed be the a "virtualdub" like app for linux.