The iMovie application for iPhone 4 that was first announced during Steve Jobs keynote at the 2010 WWDC has just hit the app store, and is now available for $4.99.

Compatible only with the new iPhone, the new iMovie app allows you to record and edit videos on-the-go with the iPhone’s HD camera. You can add themes, titles and transitions to your clips as well as photos and music

iMovie allows you to export in three different sizes, including HD, and makes your creations easy to share with friends or post to YouTube.