iMovie is a grand little film editing app on the iPhone.  You’re thinking, “yes, and?”

Great news, iMovie has just been updated, and there’s a little gift for iPod touch (4th Generation) owners.  Here’s what you get in version 1.1:

• 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.

What do I like about the update?  The ability to split video clips, preview clips in Video Browser, tips for users, and the inclusion of iPod touch owners, who now can use this app to edit their videos on the go.

Get iMovie here, or, for those who have the app, update at your leisure.

Are you an iMovie user?  What feature(s) do you like and what would you still like to see added to the app?