Dave Sawyer in this thread makes a great suggestion of Freeware application called Streamclip. It has a ton of features and saves you the $20 for Apples MPEG licensing.  From its webpage “MPEG Streamclip is a powerful free video converter, player, editor for Mac and Windows. It can play many movie files, not only MPEGs; it can convert MPEG files between muxed/demuxed formats for authoring; it can encode movies to many formats, including iPod; it can cut, trim and join movies. MPEG Streamclip can also download videos from YouTube and Google by entering the page URL.

You can use MPEG Streamclip to open and play most movie formats including MPEG files or transport streams; edit them with Cut, Copy, Paste, and Trim; set In/Out points and convert them into muxed or demuxed files, or export them to QuickTime, AVI, DV and MPEG-4 files with more than professional quality, so you can easily import them in a DVD authoring tool, and use them with many other applications or devices.

Supported input formats: MPEG, VOB, PS, M2P, MOD, VRO, DAT, MOV, DV, AVI, MP4, TS, M2T, MMV, REC, VID, AVR, M2V, M1V, MPV, AIFF, M1A, MP2, MPA, AC3, …”