With the new iPhone 4, Apple introduced a new app at WWDC10 called iMovie. The app lets you edit vids and create montages directly on the iPhone. The new update brings us to v1.0.1 which comes with the following changes:
- Improved reliability when exporting movies containing photos.
- Resolved issue with music playback within a project.
- Additional performance and reliability improvements.
You can find the app in the app store for $4.99