We've no real qualms with iMovie for iOS -- for a phone-based editor, it's fairly impressive. But of course, it does cost money to own, and for some, that's a major issue. Thankfully for those uninterested in ever spending a dime in the App Store, there's Splice. This one's been around for a few months, but the latest version (2.1.11) just happened to land a few days ago. The folks over at Lifehacker have taken it for a spin on the iPhone 4, and for a completely gratis video editor, it certainly looks like a worthwhile download. There's an ad-free version available for $1.99, and even that's less damaging to your finances than Apple's first-party solution. Hit play below to see what's in store.