iMovie version 1.2 brings many new cool feature:-

Made for Multi-Touch.iMovie app for iPhone
• Tap to add video, photos, music, and sound effects.
• Drag to trim the length of any clip.
• Pinch to zoom the timeline.
• Slide to scrub through your project.
• On iPad, pinch vertically to open the Precision Editor.

Add professional polish with Themes.
• Choose from a selection of eight unique themes. Each theme includes a matching set of titles and transitions — and its own soundtrack.
• Instantly change themes or swap themed elements in your project.
• Titles and graphics automatically update with location data from your video.

Add photos, music, and sound effects.
• Add photos from your library, or snap a picture and drop it into your project.
• Use the automatic, face-aware Ken Burns effect, or pinch and drag to create your own.
• Choose from soundtracks that match iMovie themes, or select music from your own song library.
• Bring your movie to life with a choice of over 50 sound effects.

Record and edit your soundtrack.
• Record audio directly into the timeline.
• Adjust the volume of any video clip, song, sound effect, or audio recording.
• Loop music to fill your project.
• On iPad, view detailed audio waveforms for every clip in your project.

Share your HD movie on the web and in your home.
• Publish in HD directly from iMovie to YouTube, Facebook, Vimeo, and CNN iReport.
• Send to the Camera Roll and share in your MobileMe gallery, in an email, or via MMS on iPhone 4.
• Use AirPlay to stream directly from iMovie to your HDTV with Apple TV (compatible only with second-generation Apple TV; requires iOS 4.3 or later).
• Transfer your iMovie project to your computer and compatible iOS devices.