Just in time for the iPhone 4 launch day, Apple has released iMovie app for iPhone 4. If you have already got an iPhone 4 lying around, hit the iTunes App Store now to download this app for $4.99 bucks.It is the first app I’ve seen that makes movie editing on such a small screen look like a pleasant experience. Expect iMovie made videos to invade YouTube very soon!

Full list of features from the iTunes page:

• 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.

If you’ve been lucky enough to be using an iPhone 4 right now, go ahead and download the app!

Download iMovie for iPhone 4 from iTunes

Via TB