Apple today announced the iPad 2 and iMovie, a $500 mobile HD video studio combination.

iPad 2 features a new design that is 33 percent thinner and up to 15 percent lighter than the original iPad, offers Apple’s dual-core A5 processor and includes two cameras, a front-facing VGA camera for FaceTime and Photo Booth, and a rear-facing camera that captures 720p HD video.

Apple says that the iPad 2 still delivers up to 10 hours of battery life.

The also introduced a new version of iMovie that will run on the iPad 2 that offers deeper editing options, multi-track audio, support for YouTube, Facebook and Vimeo, AirPlay streaming to Apple TV, hardware video out and project sharing through iTunes.

The combination of more powerful mobile hardware and deeper video editing capabilities mean that a lot of people will be able to do their video editing for video podcasts and social media sites on the iPad.