Video iPhone to feature iMovie App?

Apple rumors seem especially rampant in this year's run-up to the Worldwide Developers Conference. With all the fuss focused upon a rumored 10-inch device that fits somewhere in between Apple's MacBooks and iPod touch, these poor ol' iPhone rumors just can't get any attention. Riiight. The latest has BusinessWeek offering further testimonial that video recording will be heavily featured in the summer release of the 3.0 firmware and presumed third generation iPhone. According to a source familiar with Apple's plans, the next iPhone will make shooting video super simple and feature an iMovie App that enables on-phone editing and uploads direct to YouTube. If true it would certainly be a welcomed update for first and second gen iPhone users and something we'd expect Apple to tout loudly as a major new feature on a new device or two sporting beefier cameras.

[Via MacRumors]