SolveigMM Video Splitter 2.0 with MPEG-2 frame accurate editing support has been released.

It supports AVI,WMV,ASF (GOP accuracy) , MPEG-2 files (frame accuracy) and MP3,WMA audio editing.

There is a set of how-to's:

How to cut AVI files | How to cut WMV files | How to cut ASF files | How to cut MPEG2 files | How to cut WMA audio | How to cut MP3 audio | How to cut out commercials | How to remove audio track

Currently is is supported MPEG-2 of SD resolution. HD is coming..