http://www.womble.com/products/

Their MPEG Video Wizard will do the job.

The problem with cuts on MPEG-2 is it can only be done on I-frames. All cut editors have to convert the entire GOP where the cut is to I-Frames before. This is 15 to 18 frames and doesn't take much time. No need to recompress from these I-frames and the Video Wizard won't.

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Fav quote - "Experience is whatcha don't get 'till ya don't need it no more."

System - Athlon 1.4GHz, Win98, Hauppauge PVR250 receiver and compressor.
Software -Magix Movie Edit Pro 10, Nero 6 + NeroVision Express, Moho 4.61, PSP 8.1, Bryce, Quicktime 6.52 pro, Goldwave 5, DVD-Lab.
Cameras - Panasonic GS9, Canon ES8400V, Canon EOS D20 and Canon A70