I put laptops up into three basic categories.

1. Cheap desktop replacement.
2. Easy to take from place to place
3. Performance for Gaming and Video editing.

Each is incrementally higher in price. For a laptop based off the Windows operating stem you can get a cheap desktop replacement for $500 if you watch the rebates. A travel laptop will cost you in the $1200-$1600 price range and a gamer unit more than that. Then you have laptops by Apple, which are a whole other breed that is hard to compare head to head with a windows PC. All I can say is your going to spend about $900-1300 for a decent laptop that has what you need to do video editing.

I broke this down by components so you can compare what I say here to the spec you see online and in the papers.

Processor (CPU)
Currently the Intel Core 2 processor is outpacing AMD processors. If you want the horsepower, go for the Intel. If you want to a budget unit select AMD. Both are good.

Memory (RAM)
For memory I would get no less than 512MB for Windows XP. The preferred is 1GB. Windows Vista is a memory pig Get now less than 1GB but 2GB is a much more comfortable level.

Note: It could save a lot of money by doing your own memory upgrade. Compare prices at Crucial and Golden RAM before purchashing additional memory with your laptop. It could save you several hundred dollars.

CD-ROM (CD/DVD)
Get a no less than CD-RW/DVD combo drive. A DVD burner is probably over kill unless you plan on making movies. I personally like the DVD burner option, especially if you have a digital camcorder. Blue-Ray drives are becoming available, but watch the price.

Hard Drive
The smallest you will find today is about 160GB. If you are really into music, movies and photos go as big as you can reasonable afford.

Screen Size
Anything with a 17" screen is going to be very very heavy (8-12lbs). These systems are designed to sit on a desk most of their life. Most all the budget laptops come with a 15" monitor. They are heavy, but you can carry them around. If you travel, look for something in the 12"-14" range.

Operating System
Window Vista is a memory pig and requires considerable better hardware than Windows XP. You can still buy Windows XP machines for the busines lines at Dell and HP. In the stores you will only find Vista. Either is fine, but XP would be my first choice at this time.

Warranty
If a computer is going to fail it is most likely to do it within the first year or after the 3rd year. I purchase 3yr warranties on all of our desktop computers, because they come on site to fix things for me which save our company travel time. We buy accidental damage warranties on all of our laptops because they move around and are more apt to be damaged. For some, paying a couple hundred dollars for accidental damage would probably not be a bad thing especially if the unit will be moved a lot. Do not buy any warranty unless it covers accidental damage. The warranties from the retail stores typically do not. They try to push you into a warranty that covers your computer at a time in its life it is least likely to have a failure. If I were going to buy something with an accidental damage warranty I would run to Dell.

What to buy and where to get it
Watch the Sunday Ad's for budget laptops. You will pay $500-$800 and get a decent laptop that will work for 3-4 years. HP is probably the current leader when it comes to budget laptop sales followed closely by Dell.

Best Buy
HP
Dell
Costco's
http://www.techbargains.com

Last but not least you can always by an Apple MacBook for $1099 that will do an great job too.