Okay, before you dismiss Viddy just for the Instagram comparison, yes, it's true that this app will take your videos and add an "artsy" filter, but it also comes with some handy clipping, scoring, and sharing functionality. You can send your shots directly to YouTube, your choice of social network, or publish on the Viddy stream. Which, at the moment, seems to be dominated almost exclusively by 4 month old things Eliza Dushku shared. At least for me, for some reason.
Viddy also includes a selection of songs you can use to create a soundtrack for your videos, presumably royalty free. The selection is actually pretty good, too. There are tracks by everyone from Snoop Dogg (before his Bob Marley phase, I have to guess), to Franz Schubert, Incubus to Anberlin. There isn't a ton of music, maybe a couple dozen items in total, but at least it's not generated, synthesized crap.
Video editors are pretty sparse on Android as is. This isn't going to suddenly fill the void, but it's slick, has a proper Holo-based UI and generally doesn't seem to suck. Except for the fact that you can't stitch multiple videos together. Oh, well. Baby steps.