Just a few hours before the iPhone 4 officially goes on sale, Apple has dropped iMovie for iPhone onto the App Store.
The $4.99 app will allow users who own an iPhone 4 (and presumably future video-capable iPads and iPod Touches) to edit and share videos directly from their handset, adding everything from transitions, background music and titles to your clips before shooting them off to YouTube, MobileMe or to a friend via e-mail.
There’s nothing out there when it comes to mobile video editing like iMovie for iPhone, so if you plan on stitching together some movies on the go, this is your best and only real choice. Just one caveat: while you can export your videos to your computer at 720p, any emails you upload to YouTube, MobileMe or send out by e-mail will be downgraded to 568×320… almost definitely to help accommodate 3G network providers.
