Online editing?

Does any semi-pro or good amateur really use online video editing as part of their day-to-day experience with digital media. Let us know because we want to learn what type of functionality one would want alongside an online media marketplace. According to this post, Cuts.com was just purchased after only 4 months since launch -- and of course Jumpcut.com was also taken out, so we can only assume someone up in corporate thinks this space is really a growth area.