Videomaker noted a very cool demo given several months ago at Sundance. The video, John Underkoffler TAMPER's with the future of Editing, is at the website of Making Of, a new behind-the-scenes "Web destination" founded by Natalie Portman and Christine Aylward. It was really a compositing demo, but hey.
“Tamper” was created by Oblong Industries, with technology they call G-speak, which some may remember from demo movies bouncing around last Winter. Despite the absence of actual editing, this technology isn't all arm waving -- it would make a great match with the stuff leaking out of Adobe and Microsoft labs in SIGGRAPH demo movies.
Recent AEP posts on SIGGRAPH demos include Seam carving, cloning, & cutouts and SIGGRAPH 2009 Technical Papers Video Preview. Interface and display news on AEP can be found in Gesture-controlled displays and posts tagged UI.
You'll have to go to MakingOf for the explanation of Tamper (you won't find one at YouTube), but here's a demo with just music: