Things that annoy me:

• Location services must be on to use the app. Why? You can geotag clips, but I don’t want to be FORCED to do so.
• Only video clips shot with an iPhone can be used.
• Added text lasts the entire length of the clip and takes up a big portion of the frame.
• Audio can’t be moved at all, and when it ends, it ends.
• You can trim video from both ends by using handles, but it’s difficult to see what you’re trimming (easier to trim and then import).

Things that I like:

• It’s relatively easy to cute-ify video clips.
• You don’t have to have a desktop computer to join clips on the fly.
• You can pick what size to export, and it includes HD, which looks good (way to make use of the new iPhone 4 video-recording capabilities!).
• You can add video and photos, and you can do the Ken Burns thing with photos. Result: quick-and-dirty video that looks pretty polished.

I spent a half hour messing with this software and slapped together a project of my trip to Italy (see on YouTube). Keep in mind this video was shot with a 3GS—not in HD).

Screenshots:

 

Ken Burns effect

Choosing image transitions

For $5 this is a fairly sophisticated app. For people who shoot a lot of video clips and like to share them, it’s probably a should-have (eg, people with kids or active blogs). For people who shoot longer videos or videos with multiple devices, it’s probably best to stick with a desktop video-editing software. Beyond a few minutes of editing, iMovie on the iPhone’s limitations just get too frustrating.