Short bio: Computer Scientist, FOSS supporter (read more)
Tux Machines (TM)-specific
Novacut is trying to be a next-generation open-source video editor that's catered around HDSLR camera content, broadcast/movie production requirements, and is even trying to be cloud-enabled. Being developed as part of the Novacut efforts is Dmedia, which is a distributed media library. This media library uses CouchDB for meta-data and media files are stored in the cloud or locally.
Some may have heard of Novacut last year, which seemed promising at the time with many of the same goals as they have now. Back then they were trying to raise $25,000 for their development efforts, but only managed to take in $11,133 from 141 donors. Since then, Novacut has basically fallen off the radar without any major announcements.