The obvious answer to what's used commonly is definetly Adobe Premiere.
But anyway.
I think my best AMV ever is "The Twin Star"(atleast right now), I used Adobe Premiere 6.0
technical aspects of The Twin Star wrote:It only took 14 hours and 7 minutes to complete, but it was spread out over just about a month. I think that process works better for your brain then lots of editing in one sitting. Anyway, the effects. Lots of fades and transparencies, as usual. Quick cuts, a few fading white flashes, and, near the end, sudden purple, blue, and white flashes. A roll(vertical) effect, one sharpened clips. All of X/1999 used image pan(to keep the aspect ratio clean). Only around 2 clips were sped up, while 1-2 clips were slowed down.
I started out using Windows Movei Maker, and all I can say about the differences is the exporting. Gyah. WWM's exporting features really sucked. You either ended up with insanely large files that looked bad, or insanely small files that looked worse.
I moved to Premiere because my parents gave it to me for either my birthday or christmas(can't remember), and I was like "YES!" and began to use it, learning concepts. Very complicated compared to WMM, but it does just about the same thing with more options.
One of the things that got me in WMM1, was that you couldn't edit things if they were under a set amount of time, no matter how far you zoomed in on the timeline. I think it was something like a half a second. In premiere, you can edit frame by frame, which I really like.
I've also used(and still am using for school) the Casablanca AVIO. It's definetly not worth the huge amount of money it costs. It's a box editor, and so it's not a program and it doesn't involve the computer.
It is basically the 2 VCR method with some better cuing and a ton of effects. It's hell to edit music videos with, but if you're doing a news story or something mainly involving multiple audio layers, it's really useful.
I'd say more about the AVIO, but it's not a program, so it probably doesn't matter.
/really long rant