According to Macworld, iMovie for iPhone may be the next big step in mobile filmmaking, however in order to make use of it, you will need to buy Apple’s newest iPhone to use it. Macworld states that “the $5 mobile version of iMovie will only run on the iPhone 4, and will launch alongside the iPhone 4 on June 24.”
The reason for this is apparently that “handling video and creating real-time transitions needs the power of the iPhone 4’s A4 processor,” which earlier models don’t have. While the iPad uses the same processor, so far no rumors have surfaced regarding a release of the app for the device.
One thing that might annoy and anger many avid iMovie users is that iMovie projects cannot “currently” be transferred for further editing on a desktop computer, in other words you can’t transfer your current project to the Mac and then continue working on it there. We are all hoping that this will only be a temporary limitation, as it simply makes no sense.