Along with HD video recording, the iPhone 4 is getting a way to edit it right on the phone itself: iMovie for iPhone.
Obviously, it's pretty basic video editing, as its on a phone. But you're able to combine various clips, add music, photos, titles and transitions as well as basic effects. You'll recognise the effects from the desktop version of iMovie, where you're able to do stuff like add the "Ken Burns Effect" with slow-mo zooming and panning.
You're able to export in 360p, 540p and 720p, as well. The app will set you back $6 from the App Store.
Image credit Ars Technica