Apple's official iMovie app for iPhone has been updated to version 1.1. The new update requires iOS 4.1 and is compatible with the new iPod touch. It also adds the ability to split up video clips, automatically loop music for a longer videos and updated Photos browser. There are a few other upgrades to help performance and reliability, and a new tips and indicators to help you use the app. High Dynamic Range photography is new in iOS 4.1, but since HDR requires multiple exposures of a still picture, there's nothing in the new iMovie app to similarly improve your videos.
Current users can upgrade right now via the App Store. iMovie for iOS can be purchased for US$4.99. Enjoy the update!