Appropriately, coinciding with the release of iOS 4.1 today, Apple has released an update version of iMovie for iOS. Version 1.1 brings support for iPod Touch 4 as well as a few new welcome features complete with performance and reliability improvements.
• Compatible with iPod touch (4th generation).
• Ability to split video clips.
• Automatic music looping when video extends beyond music track.
• Scrub to preview clips in Video Browser.
• In-app Tips page that illustrates how to use key features.
• Updated Photos Browser with newest images at top.
• Mute badge to indicate video clips with audio disabled.
• Additional performance and reliability improvements.
Check iTunes or App Store on your iPhone for the update.