You can do basic editing and format conversion. Without the Pro license, QuickTime is just a player. QuickTime Pro is actually an editor (play and write). You can even record external video with QT Pro. I have a license, but I also do a lot of video editing so it's sort of a necessity (besides it comes with FCP). Personally I think it's a little cheap of Apple to still be including a crippled version of QuickTime with OS X.