Video is booming and online video editing services are getting a lot of attention. Case in point, new Flash-based online video editor JayCut.

JayCut allows users to upload their media (from cameras, mobile phones, webcams - in over a hundred different file formats) and cut their own video or slideshows. The JayCut mixer allows users to make creative mixes out of video clips and photos. Users can also create groups to share the photos, raw video and the finished mixes. The best part? When you are done editing your new video mix masterpiece, you can download the video to your PC and then embed it directly on your website, MySpace profile or up to YouTube - how cool is that?

There are quite a few alternatives to JayCut though which will make penetration and dominance into this competitive market a little more challenging for them - but that should not concern you as the service itself is incredibly dynamic and, well, fun! WM has covered JumpCut (now owned by Yahoo!) in this article on Social Media and I've been taking a much closer look at EyeSpot as well recently - both are incredibly user friendly and powerful video editing tools to create video mashups.