These days there are two basic methods (used in combination at times) for movie editing. The first method is to make a video transfer that includes time references based on keycode/sound timecode. This transfer is then edited electronically, and at the end of editing something called an EDL (edit decision list) is output. The EDL contains time and transition information. Negatives are then conformed to match the EDL and a print is struck. In the other method, which is becoming more prevalent and is very prevalent in films that have a lot of special effects, the negative is transfered at the highest possible resolution and editing and special effects are then undertaken directly, and upon conclusion a print is output using (loosely )the motion picture equivalent of a Lamda.
There are a whole bunch of details and steps I have left out, but that is the gist of it. The Cohen bros film "Oh Brother Where Art Thou?" was one of the first films to be entirely graded and edited in the second manner, and the second manner is rapidly becoming the standard for the industry at present, particularly as costs decrease.
There are a whole bunch of details and steps I have left out, but that is the gist of it. The Cohen bros film "Oh Brother Where Art Thou?" was one of the first films to be entirely graded and edited in the second manner, and the second manner is rapidly becoming the standard for the industry at present, particularly as costs decrease.

