I don't want to dish out too much money. I don't really mind rendering speed. I just want it to be smooth and no choppiness
I use a Canon t2i in 1080p
I use a Canon t2i in 1080p
Basic editing of my Nikon D5000's 720p files has been fine on my 2010 13" (base). I can't imagine the 2011 will have any issues as long as you don't plant to use it "professionally" for video editing. If you are willing to wait a little longer, then you should be fine. The fact that you are buying a laptop tells me that you are not serious enough about video editing to have any problems with the 2011 13"'s performance.
It also depends how you define 'editing' - are you CGIing a fleet of police choppers? Simply cutting & putting together clips from a family holiday? "Editing" is a pretty generic word.
What do I encode it to and how?