Apple's iMovie iPhone app has received an update in honour of iOS 4.1 being released. It's now compatible with the new iPod Touch and introduces a bunch of new features, like the ability to split video clips.
• Compatible with iPod touch (4th generation). • Ability to split video clips. • Automatic music looping when video extends beyond music track. • Scrub to preview clips in Video Browser. • In-app Tips page that illustrates how to use key features. • Updated Photos Browser with newest images at top. • Mute badge to indicate video clips with audio disabled. • Additional performance and reliability improvements.
For those who don't have the app, it's priced at $5.99 and available at the iTunes app store. [iTunes]