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TMPGEnc MPEG Editor lets you edit your MPEG files on the frame level without re-encoding for DVDs and Blu-rays.

Features:

• Edit your MPEG files on the frame level without re-encoding everything! Maintains original video quality!
• Write your edited files to Blu-ray Disc (BDAV) and DVD!
• High Definition Video importing straight from your HDV camcorder!
• Choose from over 170 incredible video transition effects between clips!
• Use the included VRCopy utility to import and burn video to DVD-RAM discs! Great for DVD-Recorder users!

The official change log for version 3.1.1.95 is as follows:

• Added: Dolby® Digital 5.1 output support (Starting from this version you cannot output multiple Dolby Digital streams at a time. Ex: When outputting with the Batch encode tool or using several instances of TMPGEnc MPEG Editor 3 simultaneously).
• Added: AAC 5.1 channel input suppport.
• Added: Possibility to force a given AAC source channel mode in the Property window of a clip.
• Added: Multithread setting provides options to reduce the memory usage during the motion search (enabled by default). This option may slightly reduce the processing speed.
• Added: Multithread setting provides source file caching options.
• Fixed: Noise would sometimes appear at the bottom of the high-speed thumbnail picture when the source was 1920×1080 progressive.
• Fixed: When cut-editing, a different picture would appear for a split second.
• Fixed: MPEG-2 Audio in joint-stereo mode could not be used when outputting into BDAV format.
• Fixed: Scene change detection would sometimes display the previous frame rather than the actual search end frame.
• Fixed: When importing a TS file, a still picture would sometimes appear for a long time at the beginning of the video.
• Fixed: Some specific TS files could not be read.
• Fixed: The MPEG Tools' Advanced Multiplexer could not correctly multiplex more than two Dolby® Digital or Linear PCM streams into a file.
• Fixed: In Dolby® Digital output, a small fraction of the audio could be lost at connection or cut-edit points, possibly resulting in an audio gap.
• Fixed: A division by zero error would arise at the end of the re-encode analysis of added VCD materials.
• Fixed: The application would sometimes exit on an error after importing a DVD-Video title with the Source Wizard.
• Fixed: During an MPEG-1 System Stream and MPEG-2 Program Stream multiplexing, the right PES would sometimes not be added to the PTS.
• Fixed: 20 bit or 24 bit Linear PCM audio in a clip would be mistakenly identified as 16 bit in the Source stage.
• Fixed: Other corrections.

You may download this updated version here.