iMovie for the iPhone 4 has been released and now available in the App store.
Make beautiful HD movies anywhere with iMovie, the fun, feature-rich video editing app for iPhone 4. Create a video postcard of your day at the beach and publish it to the web -- without ever leaving your spot in the sand. Or make a movie of your childs birthday party and send it to your parents -- while the party is in full swing. With iMovie for iPhone, you can start several projects and finish them whenever you want and wherever you are.
Sorry 3G/3GS users, this new iMovie app requires the iPhone 4 and is currently priced at $4.99.