He promised me that it's OK to submit videos over 60 seconds. I wouldn't go over 120-150 seconds though. I guess it all depends on what you're doing. If you are doing a commercial or creative type of video with a plot to it, I'm sure 2 minutes wouldn't be a problem. People will stay zoned in to see what happens. On the other hand, if you're doing the same type of moves with little creativity, going 3 minutes long won't do you any favors. I hope that makes some sense. Either way, you're OK uploading over 60 seconds, but don't go crazy with it.
Editing of videos and pictures is allowed. From what I can tell though, natural pictures seem to be ranking quite high right now. Maybe people appreciate the pure shots. I do see your concern though.