As always, ffmpeg is terrific, but unfortunately the solution given here is not frame-exact editing, so to me it is just another quick-and-dirty solution when a re-encode is not desired, sort of like avidemux in that regard.
Absolutely. If you need something precise and quality, this isn't the tool. It's definitely for a very quick chop in the command-line, when you want to share some 30s clip in a 2 hour video with a friend or something.