What program? Jaguar is a great OS version and the programs that works with it, work really well. You can do everything that most of the newer OS Version are out there can do. There won’t be an upgrade path with the other software. But, if you’ve got all of the tools that you need to do what you want to do.
The newer OSes, Tiger and Leopard are a little more enhanced, but the older Mac hardware may or may not work with them. You can check with the Apple web site to see if your Mac can upgrade that far or not. I love Leopard, but you really don’t have to use it to do what you want. Enjoy your Mac.
It will ultimately depend on the hardware (computer specs) and the resolution you want to work at. If the hardware is old and you want to edit high - moderate quality video it will run slowly. If your hardware is fairly new, it will run alright, it will just be lacking some of the features that many of us have grown to like in the newer versions. - Also jaguar alone doesn't have video editing, you need iLife at least for that. Because 10.2 is so old, it may very well not support some of the softwares you want to use.