There have been a ton of leaks and rumors concerning video on the next iPhone which we are expecting to be revealed in June. It isn't a very far stretch to believe that Apple is going to take things a step further with some sort of iMovie-like application for the iPhone.
I’ve spoken with a source that is familiar with Apple’s plans for the next iPhone, which may well be announced at Apple’s Worldwide Developers Conference in early June. Evidently, shooting video is as easy as it is with a Flip, the ingenious device made by Pure Digital (recently purchased by Cisco). Then there’s an iMovie app that lets you quickly save the sections you want, right there on the phone itself. There may also be support for MMS, so the clips can be shared wirelessly with friends.
[businessweek via macrumors]