You can try Creaza MovieEditor at http://www.creaza.com/movieeditor. This version lets you edit your HD video online and export the movie in mp4 HD format.

Here is the video exported from the preview of Creaza MovieEditor, export in HD – 720p (1280×720):

Shows uploading .mts-files

Today we have added support for uploading and converting another file format. It is now possible to upload HD video files. The format supported is .m2ts/.mts which are raw AVCHD videos in High Definition. This means that it you can now use video files from your HD camcorder and edit the video clips in Creaza.

We have also added the possibilities to upload .mod files. Creaza therby is compatible with the most used video files and you can upload them and edit them in the Movie Editor.