I currently use the Adobe suite for editing. Premiere Pro, Photoshop, After Effects and Audition. Had some issues with Premiere for the longest time, but recently just found out why so hopefully we'll get along better now.
I use Audacity to record and edit my commentary footage, very easy learning curve and easy to use, plus it's free!
As for video editing, I use Arcsoft Showbiz mainly to record and edit any footage I capture from PS1/PS2/Original Xbox games. Not the best of editing software, but it gets the job done and I'm quite familiar with it. I use Roxio Editing software for any 360/PS3 footage, even though I rarely record last gen material.
I also use XMedia Recode (thanks to VisciousPrism for finding that for me!) to compress and stretch out my videos to fill the full 16:9, especially handy with PS2/Original Xbox footage!