Yeah editing is a long process!
As a PC user I use after effects and premiere, AFAIK Final cut is comparable although I understand the last version was nuffed as a lot of the actual industry professionals were using it (BBC) and apple wanted to stop this.
The last video I knocked up
http://youtu.be/ZpD1ByttvXE?hd=1
The reviews of the Hero2 weren't terribly flattering, so I'm not going to worry about Nick's 2ness.
The main reason I went for the 2 and spent more money was the option of an external mic. Not sorted one yet but later in the year I plan to run one out to just above the exhaust on the Golf with the camera mounted inside on the cage.
Nick
If I was buying a new one today, then I'd go for the 2, the 2 isn't that big a jump over the 1 but if you've not got one already then the 2 is worth going for on IQ, low light handling alone.
Also check out
http://www.eyeofmine.com/I've got their ND / PL filter and the difference is amazing (on well lit days).
I'd also recommend the LCD bakpac, if you're going to be using the GP handheld or for framing static positions too, stops you ending up filming a rollcage instead of the action.
I've got one of these too
http://www.amazon.co.uk/gp/product/B000UH46YY/ref=oh_details_o06_s00_i00great for changing the battery when you're away from a power source (guessing you'll be using the 12v lighter) but given the time lapse function on the GP you can actually use it as a power source and leave the unit snapping away (or filming).