This is kinda exciting news for people whom love to edit video and wasn’t happy with iMovie on iPhone 4, well there is a definite Improvement, Not as good as the New FCP of coarse, but good for editing video that you record on the iPad 2! @TatWza

This is what I heard it does:
• The homescreen is made to look like an old-time theater, which has previous projects displayed as thumbnails, and theme templates displayed as movie posters.

• Gestures play a prominent role in editing clips. You can use reverse pinching to activate the precision editor, as well as pressing and holding the screen to create cut points.

• Transitions are fully customizable, including the Ken Burns effect!

• Audio is also given more thought, as you can bring up full waveforms, include multitrack audio and import songs from your iTunes library. You can also adjust volume for specific segments and choose from over 50 included sound effects.