An old thread, but just a short reply on my experiences. Recently got a Mac and so was in the same situation. However we had slideshow software (Photostory Easy) from the old PC, so like Wedding-Photos mentioned above, we installed Parallels (it is useful for some other PC-only stuff too) and so...
Cheap, cheerful and does what it says on the tin is Movie Edit Pro ;) It seemed basic when I started using it a couple of years ago but still doing the job. Good for multicam editing too.
You also have to take into account the date of the recording. The owner of the recording controls the copyright. There is so much copyright free music available both new and old it shouldn't be hard to find something.
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