This week Apple made its new iMovie mobile application available in the App Store. It was designed from the ground up for its new iPhone 4, and costs $4.99. The app is just over 30 MB in size and only works on the latest iteration of their hand-held smartphones running iOS4. The reviews that have come in so far have been mostly positive, with some customers rating the video editing app with 5 out of 5 stars.

Apple’s pitch for this new app is that it allows you to create and edit HD quality movies anywhere with their new iPhone 4.

When Apple showcased the iPhone 4 earlier this month, showing off its new 720p, HD video camera, they also took the time to show off the newest version of iMovie. The software works together with the iPhone’s new 5 megapixel lens, allowing people to record HD video at 30 frames per second.

It is interesting to note that iMovie will not work with the iPad, even though it uses the same processor as the new iPhone, but comes equipped with less RAM.

Apple also listed some of the software’s key features, which take full advantage of the device’s Multi-Touch capabilities. This gives users the ability to tap to add video to their project, pinch to zoom the timeline, and slide to scrub the video. The software also supports various themes that make it simpler than ever to give your video a unique, professional look.