Transcode out of h.264 and just about anything can handle it. Editing a proper codec on a computer is all about throughput. It has very little to do with todays processors. I cut 12 live streams simultaneously of ProRes proxy from RED2K about 5 years ago on a macmini. Yes, 12 2K streams playing at the same time. That had a C2D which is a slug by most of todays low power processors. You have to be more concerned about having a fast hard drive and a fast bus. USB3 and at least 7200 RPM external hard drive are your immediate concerns. A striped raid would be even better. At least 4GB of RAM as well.
People need to learn the offline/online process. You could use a netbook if you understood this basic principal of editing that has been used for almost ever and amateurs completely gloss over this.
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