I've been very impressed with this screencast.
Is there a simple way to create a professional-looking screencast using open software on Ubuntu? I'm mainly interested in good-looking transitions between images and videos.
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Kdenlive is a free open-source video editor for GNU/Linux and FreeBSD, which supports DV, AVCHD and HDV editing. Kdenlive relies on several other open source projects, such as FFmpeg, the MLT video framework and Frei0r effects.
Kdenlive is easily the best video editor currently available for Ubuntu. There is also a GTK frontend for MLT framework (OpenShot) but it has less features and worse user interface.
Kdenlive supports a wide array of video formats, images and transitions. The rendering tool has ready presets for most situations like Youtube, DVD, different mobile devices, etc. so you don't need to be an expert on video compression.
You can get it from Ubuntu's repository, but I'd suggest you get the latest version from project site. They even have a repository set up for Ubuntu.
Great video editor without need to install all the KDE stuff:
OpenShot Video Editor is a free, open-source video editor for Linux, Mac, and Windows licensed under the GPL version 3.0.
OpenShot can take your videos, photos, and music files and help you create the film you have always dreamed of. Easily add sub-titles, transitions, and effects, and then export your film to DVD, YouTube, Vimeo, Xbox, PlayStation, and many other common formats.
OpenShot has many great features, such as trimming and arranging videos, adjusting audio levels, transitions between videos, compositing multiple layers of video, chroma-key / green screen effect, and support of most formats and codecs.
What really sets OpenShot apart from other video editors is the easy-to-use user interface. We have worked very hard to create a video editor that everyone can enjoy!