Hi Eddie,
You have a few options -
1) Use the MultiCam feature, and that lets you view two or more sources at once, and you are the director, easily cut between sources while playing back, and the edits are made in the timeline for you! You can of course adjust the edits after the fact and add transitions as desired. With single-track editing, just drop the transition on the joint between clips.
2) I use another method usually for my work with two cameras. At a wedding I will have two cameras. The main cam does all the close-ups during the ceremony, following the action, while the other camera is a wide or medium shot, very little movement going on. Same thing for stage events. One wide, one close.
The CU cameras goes on V2, and WD camera beneath it on V1. I sync them of course so audio waveforms line up. Then I just play or scrub through CU footage and use the Razor to cut out parts of CU footage that I am not using, and then the WD camera is always there when CU is cut. If I want a dissolve, it can be dropped onto end of top clip, or manually use Opacity with keyframes, same thing.
I guess with a music video you are not cutting parts out in the middle because it has to keep sync with soundtrack, but for other kinds of work, single-track edits are so easy because you can trim the edits with slip and slide or whatever you want to call it, and Ripple Delete and all that nifty stuff.
Jeff