iMovie for iPhone 4 will allow users to record, edit and share HD video directly from the iPhone on the go. Now the online web based cloud-based improved video editing tool from the YouTube might just be the response from Google for the Android users in coming days. They have already implemented web based version of the tool. We can expect mobile support for this improved video editor soon.
YouTube has a new video editor that lets you create videos using excerpts from the videos you’ve already uploaded. You can also add a music file from the AudioSwap library, but YouTube mentions that it might display ads if you use some of the audio files.