tecone, depends on the effect but I use vegas 5.0 and find it to be quit nice.

Vdub is great also. I consider it a must acualy becouse SOME video app's will not let you encode audio right with the video in MP3 at 128kbps or higher. I use Vdub to change frame rates and to put a Divx video stream and mp3 audio stream togather. ( after rendering them out sepratly in Vegas )