The import/export EDL option within Sequencer gives you the flexibility to determine where you want to do your editing.
You can do most of your setup inside of Sequencer, then pass your sequence off to an editor that works inside an external application (like Premiere) to perform the final touches, who can then pass it back to you to tweak in Sequencer.
By exporting your sequence as an EDL and working externally, you have the ability to add post production effects (or after effects) to your scene before rendering out the final cinematic.
Optionally, when rendering out your sequence and exporting an EDL, you can add Frame Handles automatically to each shot, and define the number of frames to include.
These extra frames pad each shot and are cut into and out of by the EDL, which can be used in your external video editing package to adjust the cuts between shots.