Depends on how much editing you plan on doing really. But if your choice is between FCE and Premiere, go with Premiere. It's a full featured NLE, whereas FCE is the watered down Final Cut Pro.
I administer a university video lab with 6 FCP stations and 18 FCE stations.
We were able to convince the university to trash the G5s running FCE, get 18 new Intel iMacs, and upgrade all 24 computers to Final Cut Studio 2 (FCP 7).
My point is that I hate FCE so badly that I was adequately able to justify the huge cost to a fairly small university.
FCE isn't just watered down; it's completely crippled. Don't waste your time – you only get a handful of codec options and none that will help when working with the formats produced by DSLRs. If you can't afford FCP, go with Premiere. Without a doubt.
Just whatever you decide to do definitely don't even consider stealing software. I don't know why anyone would do that. It's not like Final Cut Studio 3 is a $1,000 incremental update to the same software they've been selling for 5 years. It's totally new. They have to pay their software developers, and even though they're already making enough off education and professionals who for obvious reasons can't steal the software, you really should pay them the $1,000. Yes, while it's true that it's too expensive and you're basically just going to give money to their competitor, Adobe, because of it, and they won't see a cent anyway, that still isn't good enough reason to head over to a torrent site and pick up a copy for free. It really isn't. Don't even do it. I'll slap you.
I hope I've made myself clear.
Very, very clear. Stealing software is wrong, and should never be done, even if it seems like it makes sense for you to do it it doesn't, you're wrong. Don't do it. I know it's easy and all it takes is a google search but still...don't do it.
Ever.
Read my lips:Don'tDO IT.
This PSA on NOT pirating software brought to you by me.