Yes, it's a relatively minor update, but after I installed it I realized we hadn't really mentioned ReelDirector for iPhone [$7.99 - iTunes link] on the front page yet, in its own right, and that's a shame because any app that can even approach video editing on a mobile device deserves some love.
Now on version 2.4, ReelDirecter adds the ability to important soundtracks, toggle off pan-and-zoom, and increases speed for still photos. But you add to that 2.0's multitrack, Ken Burns effects, trim and split for imported clips, and videos from synced folders, and you add all that to that its stitching, drag-and-drop reordering, titles and credits, transitions, and more, and this "video toaster" in your pocket deserves some attention. Sure, it won't replace Final Cut Pro, but it could just be the iPhone's first pro-sumer level cutter.
If you've tried it before, or just try it now, let us know what you think!