One of the coolest new features in the iPhone 4 doesn’t come standard… but it only costs $5 from the App Store. It’s iMovie for iOS and it lets you edit videos directly on your phone, add transitions, music, and other basic effects. It’s no Final Cut Pro, but if you want to be able to shoot, edit, and upload a video all from a device you can carry in your pocket, there’s really nothing better available today.
Apple added iMovie for iOS 4 to the App Store today, and the folks at Gizmodo have posted a good hands-on overview of the app. Exporting movies is surprisingly fast for a machine with a low power ARM-based processor. And there are a number of preset themes which come with titles, transitions, and music, although Gizmodo says it would be nice if there were a few more themes.