So I broke down and finally bought a copy of iMovie for the iPhone today. It's not bad, given the fact that we're talking about HD video editing on your phone. It's actually kinda of amazing what you can do with tiny little device like an iPhone. Anyway, I tossed this little video together to get a feel for how to use it. I'm thinking this might be handy for TDC road trips ;-)
Here's the higher quality video directly on YouTube http://www.youtube.com/watch?v=H-InHY5FBwk
Click '720p' in the video options.