Splice is an alternative video editor for the iPhone 4 that comes in a free, ad-supported version and a $1.99 ad-free version.

Splice lets you create and edit videos from start to finish via your iPhone or iPod Touch.

Features Include:

• Simple, easy-to-use ‘drop-and-drag’ features for assembling video clips and photos
• Splice Store with hundreds of sound effects, music tracks and borders that can be purchased to enhance your videos
• Time-saving multi photo/video picker for adding new content to the timeline
• Control and mix for multiple tracks of audio
• Intuitive and easy to use time line
• Precise synchronization of music tracks, sound effects and a narration track

Details below. If you’ve used Splice, leave a comment and let us know what you think of it!

What’s New in Splice 2.0:

HD support, advanced audio editing, in-app purchase of music/sound fx/borders, Ken Burns, slow motion, fast forward, custom video trimmer, custom photo/video picker that allows time-saving bulk imports onto timeline, multiple audio tracks, scrub on preview, help screen, feedback button, and many other user interface, performance and usability improvements.

Other Splice features:

• Output in HD quality (only on HD devices)
• Ability to add music from iTunes or other music sources
• Preloaded with music and sound effects
• Ability to add visual effects (such as slow motion and fast forward)
• Ability to transitions
• Ability to apply Ken Burns effects to photos and videos
• Ability to title slides with custom text positioning and resizing