I've done it using the built in cut editor, and it does work OK. If you want to make the cuts permanent there's a plugin you can install that makes a new copy of the edited recording - can't remember what it's called, but can look it up if you need to know.

One problem I had was that I couldn't figure out how to remove cuts once made, although I think it's possible, as I think I fluked it a couple of times while trying random button presses on the remote. I then found the easiest way - hop on the PC and browse to the folder and remove the .cuts file from the offending recoding and hey presto - cuts are gone and you can start again.

I found this quite useful for Comm Games highlights, where there were several segments I wanted out of hours and hours of recording.