When Steve Jobs introduced the new iPhone 4, one of the most interesting announcements was that iMovie was coming to the iPhone.

As popular as the iPhone platform is, adding HD video capture and iMovie to it could create a new vlogging & video podcasting explosion.

Now new details are starting to come out on iMovie for iPhone:

• iMovie for iPhone will be iPhone 4 compatible only. According to Apple, handling video and creating real-time transitions needs the power of the iPhone 4’s A4 processor.
• iMovie for iPhone projects are not compatible with iMovie for Mac. Projects edited on the phone cannot currently be transferred to iMovie on the Mac for further editing. Edited Movies can be synced back to the Mac, though. This is something that’s likely to be addressed in an iMovie update.
• Video clips can be recorded directly within iMovie for iPhone or come from the Camera Roll.
• iMovie for iPhone will June 24th, with the launch of iPhone 4, and will retail for $4.99. The $4.99 price tag will irk some, but may increase the likelihood of competitive iPhone video apps with different features sets.
• iPad users are out of luck. It seems like an obvious next step to make iMovie for iPad. But, while the iPad might be a great platform for editing video, getting content to it would be slow and cumbersome for typical users. Apple will need to address this if it make an iMovie for iPad.

We’re excited to get our hands on the iPhone 4 and test out its video capabilities.

What do you think? Could the iPhone 4 + iMovie for iPhone combination kick off a new Internet video explosion?

via tidbits