Hmm... I had a fairly lengthy response, but I was timed out before I posted it and lost everthing...
[Disclaimer - I am somewhat new to the world of prosumer audio/video editing. What I say here is based on what I have learned over the last 4-5 months and my own impressions. Use at your own risk.]
"When you have 2 or more cam angles from a show, is it preferred by most to see shots that go between the different angles more often and maybe use several fading effects or single steady fades and only moving between them as needed (simple a-b fades)."
(You don't mention what kind of show, so I'll assume it's some sort of rock/pop concert.)
Your questions has two parts to it: 1) When should I cut to a different shot, and 2) What kind of transition should I use? Of course, these are the questions every editor asks themselves. (When you figure it out you can go work in Hollywood.
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One of the primary responsibilities of an editor is to make sure the final product conveys the right mood and feel while keeping the audience interested. Mood is conveyed by shot composition (lighting, camera angles, framing, etc.) and to a lesser extent, by transitions. Interest is maintained by progressing the story. ("Story" is rather ambiguous in terms of recording a concert... I'm not sure how appropriate it is.)
Shot Selection - When to change shotsIf you watch movies, television, or music videos attentively, you'll notice that they rarely stay with a single shot for more than a few seconds. You'll also notice that you almost never notice when they change shots; it flows naturally. One of the principles of film editing is that every shot has a purpose in advancing the story. It could be to show the person speaking, to show a reaction, to establish location, etc. Since concerts don't have a "story," it is somewhat more difficult to decide which shot to use while editing. While cuts are important to keep visual interest, it is also easy to overdo it.
If I were watching a concert, I would expect most of the shots to be medium shots (showing from mid-thigh up) with an occasional close up (shoulders and up) and an occasion long shot (entire stage or 2-3 people). Use close ups to show things like sweat glistening on the face, a grin at a bandmate, and things like that. Long shots help supply the atmosphere.
Transitions - How to get from one shot to the nextGeneral concensus seems to be that 98% of the transitions you get in a typical NLE are worthless. Using spinning cubes, page curls, and vertical blinds makes your production look amaturish. Stick with straight cuts unless you can think of a really good reason to use a fade. Unless it was a Celine Dion concert, I would skip the fades altogether. Fades have a soft feel to them. While they would be right at home during "Where Does My Heart Beat Now," they would look decidedly out of place during "Walk This Way. (Same thing goes for a double shot composite.) Straight cuts really are the best, and you can add a somewhat more professional feel by using an occasional L cut or J cut for scene transitions.
Oh... don't forget to get a good establishing shot and closing shot. For an establishing shot, shoot some tape of the exterior of the venue, maybe including the readerboard showing who is playing. Shots of fans entering the venue, congregating around the stage, or the band coming on stage could all be used as establishing shots too. Assuming your video is a straight concert recording (no narration), a good closing shot would be the band taking a bow and the lights dimming. If there is narration, you'll want some sort of closing comments.
For an idea of what an establishing shot should look like, watch any sit com. Seinfeld and Friends stand out at the moment. Any time the scene changes location, you get an exterior view of the building the next scene is taking place in. Friends often shows the exterior of the apartment building or just outside Central Perk. Seinfeld does the same thing with Jerry's apartment and the cafe where they gather. Establishing shots help orient the viewer and lets them know what is coming. Not having one can be rather "jarring" and may cause confusion.