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Pros: Stupid Fast
Cons: High end motherboards for it can be spendy, not really a direct con though
Other Thoughts: When I got the Canon 5D Mark II over 5 years ago and started immersing in video, I actually had the nerve to try and render my first HD vid on a Dell E1705 laptop. I had a gadget showing CPU temp, and when it hit 85C I knew I had to shut it down or I'd fry the laptop. Short n Sweet, I built my first pro rig in 2009 with an i7-920, then later upgraded to 950 and then 6-core 980. The 980 was pretty good, then my aging X58 motherboard gave up the ghost right around Christmas 2013. Time to rebuild.
Enter the 4930K. I thought it'd be a bit better/faster than the 980... I was wrong. This thing is a tremendous improvement and along with the components we have in 2014 vs 2009, the speed is stupid fast. If you're going to invest 500+ in a proc, don't skimp. Get this CPU and pair it with a decent motherboard and you will never regret it. I actually render out HD vid faster than real time now, still can't believe it. Given the odd complex H.264 file format used by Canon that's quite a feat. Note also that I don't overclock and don't need to. Video editing is all about stability, not eeking out extra speed. And because the CPU runs cooler and I have that massive Noctua cooler on it, I'll render video which hammers all 12 threads at 100% for more than an hour sometimes, and the CPU temp never gets out of the 50s. I think the huge fans in my case help there also.
Here's my rig, which I'm listing simply because of how helpful it was 5 years ago when I was about to build my first PC, and people listed their components in reviews. I had to learn the quirks the hard way (such as Premiere Pro not leveraging SLI so buying two video cards at the time was a waste of money), and seeing what people were using was a great help:
* Asus DELUXE 79 Motherboard
* Mushkin 32GB DDR-1600 RAM
* Noctua NH-D14 2011 Cooler (Air, not water)
* EVGA GTX 770 Graphics Card
* LSI 3Ware RAID card with two WD 2TB Reds in RAID0 for all assets, video and audio.
* SanDisk Extreme II 240GB SSD for C: drive (All Adobe apps and Win 8.1, no personal files)
* SanDisk 256GB Ultra II SSD for Adobe cache files and video project files
* Also have a couple more 2TB-3TB WD Black drives for photos and all my files
* EVGA SuperNOVA 1000 P2 Power Supply
* Pioneer Blu-Ray/DVD burner
* Antec 1200 v3 case
* Dell U3011 monitor
* Dedicated external backup drives for all internals.
Hope all this is helpful!