No experience with either.
So far as Blu-ray output goes:
I have experience with Adobe Premier Pro CS4 ($800), and have played around with Premiere Elements 7 ($140). I have also worked extensively with Pinnacle Studio 9. Pinnacle Studio 12 comes in three versions, but only Enhanced ($100) and Ultimate ($130) support Blu-ray authoring.
I would say if you want to go with Adobe, go for Premiere Pro CS4. If $800 is beyond your budget, go with Pinnacle Studio 12. While it's great, many of the transitions and effects appear chincy. In professional video, you rarely see that sort of "glitz." The next time you watch a film, you'll notice absolutely none of it. Rather, all professional film does simple cut transitions.
Caveat: I cannot compare either with Cyberlink's or Sony's software, so don't consider the above as a push away from either. I simply have no experience with either.
If you want an informed opinion, check out PC Magazine's collection of
Video Editing Software Reviews.
But for the creme-de-la-creme, go to the
2009 Video Editing Software Product Comparisons chart by TopTen Reviews.
Some caveats:
1. I'd stay away from Corel. Their customer support is incredibly lousy.
2. Easy Media Creator is bloatware something fierce. So is Nero.
3. Both CyberLink and Sony Vegas are towards the left, with higher overall scores and seem to have more features.
4. The review says that CyberLink will not capture from AVCHD, and will not write to AVCHD disc. Something you may wish to consider.
After reviewing all, Sony Vegas gets my nod. However, I'd have to play around with several before I made a decision one way or another.