With a new iPhone on the way, Apple plans to have a mobile version of iMovie ready for action. CEO Steve Jobs announced plans to release the video-editing app during Monday's Worldwide Developers Conference keynote.

The app will cost £2.99/$5 and should arrive in the App Store soon. "If we approve it," said Jobs, in a joking reference to his company's often murky app approval process.

If the preview of the app on Monday is anything to go by, though, expect iMovie for the iPhone to get the green light. Demoed by Randy Ubillos, the same developer responsible for the redesign of iMovie back in 2008, iMovie for the iPhone takes users beyond simple cuts in the Camera Roll and allows them to put together fully formed films without ever touching a computer.

"iMovie is one of the most exciting things I've ever worked on," Ubillos told WWDC keynote attendees.

The mobile app borrows a lot from its larger computer cousin, allowing users to create projects that include themes, transitions, titles, geolocation maps, music, and photos (displayed using the Ken Burns effect--this is iMovie, after all).

Apple iPhone 4

Users can create and edit multiple projects using prerecorded or live video recorded directly into the timeline in either landscape or portrait mode. Clips can be accessed by bringing up the bin; you can then drag them into the timeline.

The timeline itself can be resized via the pinch-to-zoom gesture; users can also scrub through it with a finger swipe. Individual clips can be trimmed by tapping, then dragging input points left or right. Five themes with pre-made title and transition cards are also available for users to incorporate.

Apple iPhone 4

iMovie users will be able to export their videos to YouTube and Mobile Me or send them via email. Users can export clips in Medium (640x360), Large (960x540), or HD (1280x720) versions.