Well, when all was said and done...
It took somewhere between 12 and 20 hours to load the file. 1:22 length of file of 720 Mb.
It was still balky when it came to setting start and end points.
The final clip was not of the same quality as the original. Scaled to the same visible size the clip was more pixilated than the original.
The settings for the clip were the same or better than the original. Odd size 424 x 240. 29 fps. Original data rate about 500 kbps, clip set at 1024 kbps.
Granted, the original was not that great to begin with.
I was kinda hoping for more from this product.
Conclusion: Don't bother to try to edit wmv files.