Here is an example of extremely useful error message from Corel Video Studio Pro X2. I thought only Windows BSOD messages were this useful.
By the way, if you think there are software out there that can handle all sorts video formats for HD, Corel Video Studio Pro X2 is not one of them. But it definitely can do thigs out of the box as long as you are not expecting to tinker with profiles and such. All I did in this case was to import an existing profile, change one attribute (audio) and try to use it. Oh, and to create or update the profile, you need to run the application as administrator. That’s right. It doesn’t save your custom profiles under your profile folders.