VeriCorder has released what it says is the world's first professional quality video editing app for the iPhone.
1st Video was recently unveiled at the NAB 2010 convention in Las Vegas. Vericorder says that it's the world's most advanced video editing suite running on a mobile device. It costs $9.99 and requires an iPhone 3GS.
1st Video can blend multitracksound with video clips from multiple recordings in a touch-based, non-destructive editor.
VeriCorder has also released 1st Video Net, a more powerful program for broadcast networks, that's fully integrated into newsroom systems like ENPS, Octopus, AVID, and many others.
1st Video not yet work on the iPad, but the developers are working on an iPad version.