Apple’s iPhone 4 unveiled today has great video-recording capabilities. And the new iMovie vide0-editing app for the iPhone will make it much easier to edit video without relying on a computer.

As Steve Jobs showed, you can take 720p high-definition video on the iPhone 4 at 30 frames per second. The $4.99 iMovie app makes use of the touchscreen. You can tap a screen to load videos into an editing project. Then you can use your fingers to crop it to the right length, mix in a theme, add music, and transitions.

You can create cool effects such as the “Ken Burns” effect, where you can zoom out from one part of the video and slowly reveal the entire image on the screen. It’s also easy to drag and drop different clips into your movie. Then you can share it with friends. And you can add captions and a title using the iPhone’s keyboard.

Here’s our video of the iMovie app in action. You can see that it takes just a couple of minutes to edit video that you’ve shot into your own professional-looking home video.

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