Hi, I am looking at upgrading a video editing desktop. A friend of mine has a Dual socket Desktop with two Xeon E5440 2.83 Ghz, would that be better than my Single CPU i5 3550 3.3 Ghz?
Not worth it IMHO. I believe the Xeon E5440 is based on Core2 technology. At best two of them could be similar to your single i5, so probably not worth changing.
the two xeons are much faster than your 3550 in something like video editing... were talking about 8 real cores here. but do people still look for cpus really to do video editing. we have gpgpu apps now that handle video editing and a gtx670/hd7950 are somewhere in the 20 to 600 times faster than any cpu ever made in doing stuff like that.
Tell us about the software / programs you are using. That's important, because by far not all of them make use of multi core cpus / multi cpu systems. Most of the video / picture editing software uses the graphics card instead.
Davinci Resolve and Adobe Premiere Pro. I realise that a lot of the processing is done in GPU but these is also a significant amount of stuff that uses CPU.
That should work with your i5 and a supported graphics card just fine (http://www.adobe.com/products/premiere/tech-specs.html) Better spend your money on SSD(s) and more ram.