iMovie for iPhoneiMovie, Apple’s own video editing app for iPhone 4 is now available for download in the App Store. With the new iPhone 4 bringing HD recording in our hands, iMovie for iPhone becomes a must-have.

iMovie lets you create video postcards, movies, and more right from your iPhone. The app also lets you use preset themes and you can even add music from your iTunes library. After creating your movie, you can decide to share on YouTube, via email, MMS, or simply sync it with your computer.

The downside? iMovie is only available for iPhone 4. You can download iMovie from the App Store for $4.99.