MPEG Editor:

Mediaware M2-edit Pro 4.0 $695
It dose a nice job but It way overpriced. Mediaware MyFlix XE 1.0 $129
Very nice interface and fast to.
MGI Software VideoWave 4 $99 (Roxio now own MGI)
Very nice interface but it slow & dosen't support SVCD 480x480.

VirtualDub-MPEG2 $Free$ Link 1, Link 2, Link 3
It works well what more can ask for
Womble Multimedia Mpeg2vcr 3.14 (NEW Price) $70 Demo ver
All I can say is that this is best MPEG editor around but lacks a nice interface.

Womble Multimedia MPEG Video Wizard (NEW Price) $119 Demo ver
All I can say is that this is best MPEG editor around and has very nice interface.

Ulead MediaStudio Pro 6.0 $495
A pain to work with but does a very good job of editing both MPEG1 & 2, but
doesn't support SVCD at 480x480. It is also way over-priced.
Ulead VideoStudio 6.0 $99
A bit of pain to work with but does a good job with both MPEG1 & 2 clips.
Ravisent CinePlayer Editor 1.4 $49 (Sonic now own Ravisent)
Too bad this one doesn't support MPEG2.
It is a very easy mpeg editor to work with, and has a very nice layout to boot.
Aist MovieXone $Free$ Yes that's right - it is 100% Free! For $30 you can get the Plus version.
This is by far coolest Video Editor I have ever seen, plus it supports OpenGL & Direct3D
graphics cards. However, it is somewhat hard to work with and it doesn't support mpeg at all.

Aist MovieDV $69 to $99 without or with firewire card
They Do not have demo ver of MovieDV so I have no idea if real
Support MPEG1, 2 from what Aist TechSupport said it dose.

Aist MoviePack 3.0 $799
Way over-priced.
ABC VideoRoll 2.5 $Free$ Yes, that's right it is also 100% free!
You need buy MovieConverter but from the look of this editor I don't think
you can save back in to MPEG1, 2.
Digital Origin EditDV 2.0 $499 (Discreet now own Digital Origin)
Has problems opening both MPEG1 & 2 files.
Vitec Multimedia Video Clip MPEG-2 Pro 2.0 $99
Has problems opening both MPEG1 & 2 files.
VirtualDub v1.4.10 $Free Yes that rigth it 100% Free
Too bad this one dosen't support MPEG1 or 2 either.

MainConcept MainActor v3.65 $99
Doesn't come with MainActor MPEG-II PlugIn Kit for Windows so that will cost you another $30 more. But overall it not a bad editor, though somewhat hard to work with.
MainConcept MainVision 1.1 $250
Has some really cool features, but more for pro user.
Adobe Premiere 6.0 $549
Has problems opening MPEG2 files, and is also way overpriced.

Sonic Foundry Vegas Video 3.0 $480
I haven't test it.

Sonic Foundry VideoFactory 2.0 $60
I haven't test it.

Hauppauge WinTV-PVR MPEG Editor 1.1.2 "It free if you own WinTV-PVR"
Open both MPEG1,2 but need lot more work a bit on the bugge side I think.

InterVideo WinProducer 2.0 $99
I haven't test it.

Honestech MPEG Editor 3.0 $49
Very fast and does a very good job with both MPEG1 & 2 clips.

VideoReDo MPEG Editor 1.5 $49
All I can say is that this is very good MPEG editor around has nice interface.

PEGASYS TMPGEnc MPEG Editor 1.0 $49
All I can say is that this is very good MPEG editor around has nice interface.

Blaze Media Pro 5.18 $50
Very nice all-in-one converter, burner, audio and video editing software. The MPEG Editor editor part need a bit more work.

If you know of any other MPEG1, 2 Editor Please E-Mail me.

The test I do is mostlee demo ver of MPEG Editor or I take clips to a frined that own a
Video Store.
One major problem I have found is some of the MPEG Editors out there re-render the entire
movie and you get some quality loss, or will not read MPEG1 or 2 files half of time.
I have found Womble's Mpeg2VCR, PEGASYS TMPGEnc MPEG Editor and VideoReDo MPEG Editor to be
the best editor, it doesn't re-render the whole movie like all the other MPEG editors do as
long you not try resize the clip it self.
Some of MPEG Editor here have a problem with Ligos Plug-in.