There are a number of good programs at the $49 to $99 price level, and usually if you wait and sign up for their mailing lists you can get a discount to something like $69. Not free, but I suspect you're not going to find a good one for free.
I've used
sony vegas, corel
video studio pro (which, apparently, is on sale at $49 down from $99 right now), and avid (much more expensive) as well as windows movie maker and imovie (the mac free one).
I honestly can't give you a good comparison between them - they all did what I needed with no fuss, so as far as I'm concerned they are all as good as each other. If you're looking for specific features you'll have to check them out individually. They all have free 30 day trials, so before you put your money down, use the trial. In fact, if you try each one out in sequence you'll get 3 months of free video editing, and you'll have a good idea which one to buy if you still need one.
But if you find a good free editor, let us know. I just haven't seen anything that comes remotely close to the above for free.
Maybe there's a free microsoft live video editor, or free online adobe video editor.