ReelDirector

I have an iPhone, but unfortunately, it's the 3G, not the 3GS - no video for me!

Still, ReelDirector looks interesting; it provides basic video editing capabilities; add a title, trim clips and add transitions. For $8, it's pretty neat, and the video's you can produce with it might even rival those we used to produce in Premiere 1.0!

There's a short review at Salon.com: ReelDirector: Full-featured Video Editing Comes to the iPhone

And a demo video on YouTube:

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