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Go to the CS5 Benchmark http://ppbm5.com/ and view the results
Your experience with video editing will depend partly on WHAT you are going to edit
This message has a really good graphic about requirements - http://forums.adobe.com/thread/810750
You need AT LEAST two hard drives (separate drives, never a partition http://forums.adobe.com/thread/650708 for more on partitions) with Windows and software on your boot drive, and video files on a 2nd drive so the boot drive is not slowed down by trying to do everything
The CPU lacks hyper-threading, is a quad core, has an integrated Intel graphics chip and only 6 MB L3 cache on a limited 1155 platform. All rather severe limitations if you want to edit anything more complex than HDV or P2. For AVCHD or DSLR material, it is really borderline, for RED 4K or higher it is absolutely insufficient.
The single disk will not do, as John pointed out. And you need a decent GTX video card to make it work somewhat decently. With only 8 GB memory, you are again borderline. The bus is 1333, not very fast in these days.
You get what you pay for, and in this case you are not paying much with these specs, so don't expect too much. It is an entry level 'Budget' system, to speak in terms of the chart John referenced. Expect this system to belong solidly to the bottom 10% performers in the benchmark, probably among the bottom 5%.
Good judgement comes from experience, and experience, well that comes from bad judgement.
I agree with both John and Harm: No hyperthreading, lack of sufficient RAM, lack of a discrete CUDA-capable GPU and only a single disk for everything. However, with that CPU, even with multiple disks in RAID, the fastest, most expensive of a CUDA GPU and maxxed out with 32GB of RAM, the overall performance of that system would still fall below median (as my previous i5-2400 system has demonstrated).