2.6 isn't available for download anymore, you have to settle for 6.0 (if THAT is even still available), it's far superior to 2.6, you get a better selection of transitions, effects, titles... the only downfall is that the color of the titles, effects, animations, etc. are messed up when you export/publish the file, by putting far too much red in the hue (yellows look orange, orange look red, dark blues looks almost purplish, etc.)
There's only two things that Movie Maker (that's what the latest version is now called, they dropped "Windows Live") has going for it: one, you don't have the problems previously mentioned about the colors of the effects, and two, you can actually import a little wider variety of file types you couldn't with previous versions, such as MP4s.
EDIT: I actually tried Adobe Premier once... I honestly could not figure the dang thing out, that is one of the most complicated and super-confusing video programs I've ever seen.