I don't think anyone could definitively say what is the best. But there are definitely some top tier choices. Adobe Audition and Audacity would be the top programs for audio. Personally I prefer audition. For video editing, it can partially depend on what platform you are using. Adobe Premiere, Final Cut Pro, and Sony Vegas would be my top 3. Again my personal favorite is Vegas. Sometimes I just feel that Premiere is overly complicated for simply making a couple of edits.
Now video encoding, that's an entirely different story. Both Premiere and FCP are better at encoding than Vegas. I've ended up using DebugMode Frameserver and MeGui to server video from Vegas into MeGui's x264 encoder. The result is much better than anything Vegas can encode on its own.
Also for audio processing, I have a few VSTs that work great in Vegas.
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