iMovie for iPhone 4

iMovie, Apple's first exclusive iPhone 4 app, is no available for purchase from the iTunes App Store for $4.99. (At least the US App Store, we can't find it in all of them yet -- let us know if it's in yours).

The demos have all looked beyond slick, finger-painting with clips and transitions, themes and titles. Will it hold up to actual field use, beyond magic moments, cute kids, and pet tricks? Try it out and let us know what you think (especially the video editors out there -- we want your expert opinions).

Full Apple description after the break.

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 child’s 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.

Made for Multi-Touch.

  • Tap to add or record video right into your project.
  • Drag to trim the lengths of video clips and photos.
  • Pinch to zoom the timeline and get a closer look.
  • Slide to scrub through the video in your project.

Give it a theme.

  • Choose from a selection of themes including Modern, Bright, Travel, Playful, and News.
  • Each theme includes a matching set of titles and transitions – plus its own soundtrack.
  • Instantly change themes or swap themed elements in your project.
  • Titles and graphics automatically update with location data from your video.

Add music and photos.

  • Select from included music that matches each iMovie theme, or select from your own song library.
  • Enable ducking to automatically lower the volume of background music and highlight audio from video clips.
  • Add photos from your own library, or take a picture and drop it into your project.
  • Customize each photo with a unique “Ken Burns” panning effect.

Share your movie.

  • Export your movie in one of three sizes: Medium, Large, or HD.
  • Share your movie on the web in a MobileMe gallery or on YouTube.
  • Send your movie to friends and family in an email or via an MMS message.
  • Easily sync your movie back to your computer.