Lumiera: The New Emerging NLE For Linux, Blu-ray Possibilities.

[Elandyll]

Not to sound pessimistic, but a high performance NLE is so much more than "just" code, I personally don't see how they'll be able to pull this out as open source.
To be more specific, NLEs are so huge that to be able to obtain a decent level of performaces, and specifically to AV in/outs (SD and HD, maybe even film resolutions) and real time FX, they very often rely on and integrate specific hardware (AVID suites, and even Final Cut Pro in some cases).
A NLE is a much more monumental project than, say, a good Photo editor like Gimp.
Let's not even talk of the mammoths that integrate Compositing and advanced FX like Softimage XSI or Autodesk FIRE.

Ah well, good luck with that anyway. Somehow, I don't see myself having to train on anything else than Avid or FCP for quite some time