Phenom 720BE / Asus 790GX AM3
: $210 AR
Quite similar to the e8400 in PS performance. The extra core of the 720BE will provide a boost in the "light video editing". The Phenom 810
would be a great overall deal (if it restocks in the next few days) if the user utilizes plugins or filters that will run across 4 cores.
With the extra $$$ saved buy a second HD for a scratch/capture drive, or maybe 2 extra Gb of RAMs.
If you already have your s775 mobo go for the e8400.