One True Media is a sort-of free video creation site, but all the good features, e.g., text over, are only for premium users (currently at $39.99).
Here is a sample from my grand-daughter's recent ballet recital at San Jose Center for the Performing Arts.
You can share, upload to a blog, iPod, or YouTube, create a DVD (at $24.99), and download (also a premium feature) but not store for viewing on site. The DVD is supposed to be high quality.
If you have trouble seeing the video player, click here:
Avery in Alice 6/13