iMovie 1.1 for iPhone and iPod touch

Apple has release iMovie 1.1 for iPhone and also for 4G iPod Touch. Its a video editing tool from apple 

iMovie 1.1 has ability to split videos , add music looping and also tips for user to edit videos more professionally.

iMovie 1.1 is available in the Apple store you can get it just in $5. It requires iPhone 4 or 4G iPod Touch running iOS 4.1 or later.