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The app allows you to record and edit videos directly from the iPhone.
You can add music, photos, transitions and even entire themes to your videos, export them in three sizes (medium, large or HD) and share them with your friends or post them on YouTube.
If you have an earlier version of the iPhone, though, don't bother: the app is (officially) compatible only with iPhone 4.
You can purchase the iMovie app for iPhone here.
[via Gizmodo]