An alternative to VideoPaint (or How can I change the content of a series of video frames)

I found out that Ulead doesn't make VideoPaint anymore, it's all part of some Corell crap now.  What alternative can I use ? Which software allows me to directly "paint in a video" ?

I know I can always save a series of frames as bmps, edit them in Photoshop, load them into e.g. VirtualDub, render them as video and put it back to the original video, but I try to avoid this if possible :-)

Does it mean that nobody knows what the hell I'm talking about ? :-)

After Effects ? Hm... thanks a lot, I'll try it