I haven't used Adobe Premier since version 6 or so, but I never really liked it. Last time I tried Windows Movie Maker it was just a big turd and couldn't even do full resolution. This was around 2002 or 2003 though, and I have heard Adobe Premier is a lot better.
The best [cheap] movie editing software I have used it iMovie, but that requires a Mac. If you are a student you can land a cheaper version of Avid Media Composer (what the pro's use) called "Avid Xpress Pro" for about $300.
From personal experience, Final Cut Pro and Avid Media Composer are the best around. Unfortunately, the former is $1300 and requires a Mac, the latter is $5000.