Our favorite app by Nexvio called ReelDirector has been updated to support 720p video import and exports from iPhone 4. As well as importing music tracks from the iPhone library (iOS4) only.
For those of you who are unfamiliar with ReelDirector. It was the first full featured video editing app released for the iOS platform. It’s since become more feature rich, as well as iPad compatible.
You can import pictures, video, music tacks. And it supports full titles, transitions and video trim functions.
If you use your iPhone 3GS or iPhone 4 for shooting and editing video. This application is a must buy.