I just completed going through the help manuals and using the evaluation versions of the Womble Multimedia editing tools "MPEG-VCR" and "MPEG Video Wizard", and the DRD Systems editing tool "VideoReDo". Both sets of tools appear to be excellent, however I went with Womble due to a promotion they are apparently running. If you enter the coupon code "mvw2005new" with your order, you can basically get both of their tools for the price of one ($50 off the total price of $119.95). I found this information from a post on VideoHelp.com and don't have any further details about this coupon code as to if/when it expires, but it worked for me today when I placed my order online.
For those who only need to cut commercials from TV shows, the MPEG Video Wizard is not really needed, but if you would like to do a little more (work with transitions, etc.), it seems to be pretty nice. I doubt I will use (or even want to use) all of its features (not planning to mess with the filters), but I will probably use some of the transitions and associated features. After doing some transition tests (using fairly simple transitions), I didn't see any obvious A/V sync issues, etc.
Anyway, I hope this helps some folks!
P.S., web links are:
http://www.womble.com/
http://www.drdsystems.com/VideoReDo/