I imagine video editing is primarily CPU, not GPU intensive? Which means the Macbook should be able to hold its own. However, the current MPB can hold up to 4 GB ram, compared to 2 GB in the regular MB, so you could hit the RAM ceiling in a regular MB. Although, my roommate does just fine on an old iBook with 768 MB RAM..
And I think TheStu is right, video editing could range from making family videos in iMovie to a full-on Avid workstation with access to a server storage..