The goal was to get the foundation of a video editor in place before doing any transitions or so. I have seen an app somewhere that applies effects to videos (perhaps they were captured from the camera, I don't remember now) so it's technically possible to have effects.

I don't have much time to work on the app currently but people are welcome to contribute. If someone remembers what that video effects app was, please link to it here and maybe someone will be interested to figure out a good way to integrate it.