There are two different licenses you can choose from with Lightworks: "Free" and "Pro." (The latter of which, as you might have guessed, requires that you cough up some cash.) The main difference between the two licenses is that the Pro version offers more features, including stereoscopic output and advanced project sharing. But the free version is still quite powerful, providing 100+ effects and supporting multicam editing.
All the video editing programs we reviewed can help you blend your footage, audio clips and images to create new and unique videos. They also all offer basic nonlinear video editing tools. Timelines, storyboards, transitions, titles and audio editing are all common fare for the products we reviewed. These applications also have video effect libraries. The number of available effects varies from program to program; however, a library with more than 500 effects is usually sufficient for any non-professional project.
BTW, for whatever the reason, Canon still does not include a lens hood with the bundle. A bit odd that. So factor in about $35 for that (note that the hood from the older 18-135mm lens included with the 70D won’t work, you’ll need the EW-73D). Plus don’t forget you should really add a UV filter to protect your lens. I recommend a 67mm B+W (Hoya is good too) which won’t break the bank.