Apple announced the iPhone 4 today. The next-generation iPhone will have a high resolution 960 x 640 pixel display and a camera that can capture 720p HD video at 30 frames per second. In order to take advantage of the new hardware, Apple has developed a new video editing app for the iPhone called iMovie for the iPhone.
The app basically offers the same basic functionality as the full version of iMovie, letting users arrange clips, add titles or transitions, tag videos with locations, and add audio.
The controls have been optimized for mobile touchscreen devices. For instance, you can change the scale of timeline by pinching to zoom.
Videos can be exported at 360p, 540p, or 720p resolutions.
Apple will be offering iMovie for the iPhone for $4.99 in the app store.
You can find a few more screenshots after the break.