Wax2.0 is a powerful system for doing video processing. It is not the only program you would need to produce (edit) videos. One of the reasons for this is that there is no audio preview for the video within Wax 2.0. The program also uses more processing time for all of the video effects to be preformed on the video.
The video processing (out of the box) includes features such as:
2d and 3d video plugins, to embed into the video effects like particle generation creating effects like animated fire and snow, Warping images, 3d text.
Presets include a large selection what could be called (stock) video effects of graphics manipulation, warping and adding graphics, transformations and titling.
Access to directX plugins: includes statics graph effect found in graphics programs like emboss, blur, shadows … and directX transformations: pixelate, fades …
The processing is done using multiple media elements and effects are added either into its own track or as an effect for the media element.
Bottle line is the program provides some very good processing for making scenes and very professional titling effects.

