Poor man's video straightening

I needed to fix crooked horizon in few of my videos I made while I was vising Europe recently. I took a look at tools I got at hand right now and none could do this or I could find easy way to make it happen.

1. First I tried MPEG Streamclip. My first choice for image conversion. It can only do rotations of 90 degrees multiplications.
2. Quicktime Pro got similar feature but no rotation by arbitrary angle.
3. iMovie is the same rotate left or right and nothing else
4. I couldn't find how to make it happen using command line tools like ffmpeg or mencoder
5. Browsing official websites for Final Cut Express or Adobe Premiere Elements (no Mac version) did not give me answer if these tools can do it.

I checked VideoHelp site and many people pointed to VirtualDub. I decided to give it a try since I could run in in virtual machine.  There are few problems if you got video in Quicktime format so I am presenting my recipe:

Converting files to AVI with Motion-JPEG and MP3 codec. After trial and error I figured out that it will be opened by VirtualDub.
Applying Rotate2 filter and Saving output as AVI
Converting back to Quicktime in MPEG Streamclip.
Importing to iMovie and cropping and exporting as Quicktime with Photo-JPEG and AAC codecs. In result I got movies downgraded to 720p but still ended up with HD quality.