This is great news!
Until now the iPhone iMovie can edit only videos shot with it’s own camera or video from another iPhone camera. You cannot edit videos from other video source.
How many video formats can it support?
Maybe I am guessing that it works this way.
The only way to find out is to upgrade my iPhone 4 to iOS 5.0 then upgrade iMovie. This new version works only on iOS 5.0.
Stay tuned for my review.
Otherwise tell me your experience.