Vimeo's gratis iOS video editing app punks iMovie in its own house, available now

Still waffling over that bank-shattering $4.99 iMovie purchase? We get it. Thankfully, you've held out long enough for the free market to come and rescue you (again) -- Vimeo has just launched a legitimate alternative into the App Store today with a far, far more luscious price tag: $0.00. The official iOS app checks in at 20.1MB, and offers the ability to upload, manage, edit and watch your videos (as well as those conjured up by others, naturally). It'll handle edits and uploads for both SD and HD footage, and there's even support for pausing / resuming uploads, sharing via your favorite social networking website, and a view to statistics -- if you're into that type of narcissistic thing. The app's up for grabs down in the source link below, and while we're hearing that some folks are hitting upload snags every so often, we're sure the v1.0 build will be refreshed in short order. Oh, and for the iPad and Android contingent? Your copy is en route, but a helping of patience is requested.