What software to use?

It's all subjective as to what's easier for you (just like with audio daws).

I prefer Sony Vegas Studio. It's cheap ($50 or less on sale), powerful with plenty of effects and you can use your audio vst's.

I've used it to do music videos, commercial videos, multi-camera plays and airshows.
 
Adobe AfterEffects is not a video editor. From the standpoint of effects, it is far, far better than either of the other two suggestions, which are entry-level editing programs. AE plays very well with Premiere Pro.
 
I'm I professional in the world of broadcast and I might suggest using Premiere to cut your videos and AE to do your graphics. There really isn't much better out there for doing fx than AE. Its pretty much the standard. The nice thing about editing in Premiere is you can import actual compositions from AE into your timeline on premiere. Want to make a change, just double click on the AE comp in your timeline and it will open in AE... make your change, save and it auto updates in premiere. Very efficient workflow.
 
Im using FCPX but I can tell its not made for music videos. the magnetic timeline can be hell when you take out a scene and everything snaps to the last spot and all the parts shift from the audio. however, there are work arounds and videos can turn out really nice.
 
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