If you upload videos to YouTube but have not bothered with the task of basic editing (as needed of course) for whatever reason, there is good news for you: Google has introduced a new tool which allows you to edit your videos directly on YouTube:
YouTube has a new video editor that lets you create videos using excerpts from the videos you’ve already uploaded. You can also add a music file from the AudioSwap library, but YouTube mentions that it might display ads if you use some of the audio files.
I can see this as being a great tool for the majority of users which probably just upload videos straight from their digital camera or web cam. No software required (other than a browser of course) is a very appealing feature. On the other hand, issues introduced by the fact the entire system is online may impact the performance (i.e. bandwidth, server load, etc.).
It goes without saying that if you have your own video editing product, it probably has more features than an online only tool but I can still see this being a great tool for YouTube users to have at their disposal.

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hmnn i have tried it , but what more we can expect from online tool, it does have some regular features. armatures can use it.