Actually works like a charm. If you turn it up loud enough, you'll blow the roof off the joint (as I almost found out the hard way).
The mic is a simple lapel mic used in professional broadcasting, business meetings, mass presentations, etc. I've tested it - it does what it advertises. As I live in a 3rd floor apartment, I even went downstairs. Yup, even vertically, two floors away, still works like a charm.
For video editing, I'm using the free version of VideoPad.