Apple announced iMovie for iPhone, developed by Apple themselves. iPhone 4 is capable of HD video recording @ 720p and 30 FPS. iMovie for iPhone supports basic video editing for e.g. combine various clips, add music, photos, titles and transitions as well as basic effects. Music from the iPod library can be added, and with certain themes, iMovie for iPhone uses the geolocation information recorded by the camera. Movies can be exported at 360p, 540p, or 720p.
The app will be available for $4.99 in the App store, though the exact ...