For its price, iMovie on the iPad or iPhone is ridiculously good.

I took a bunch of footage at a sky show I went to today. Lots of
planes doing stunts. I filmed it all on my iPhone 4S. When we came
home, the kids were keen to watch it all again. So I AirPlayed it to
the TV via the Apple TV. I was extremely impressed with how well it
turned out. The quality was crisp. I decided to merge all the videos
together in iMovie. It couldn't have been simpler.

If I want, I can easily add a song from my collection, or use a
standard tune. There are a tonne of cool effects I can add easily. And
I can add some stills to the movie to complete the show if I want. It
does even more than that too. Another new feature is the ability to
make your own cool trailers. iMovie provides a kind of template for
you to use. It really is well thought out and easy to use.

I have used it in the past to make some cool movies with special
effects footage I created in other iPhone apps. People comment how
much time I must spend doing all that, but it literally takes 10-15
minutes to put it all together. I can upload to Facebook, Youtube,
Vimeo and more all from within the app too.

Even if you aren't really into making home movies, and would use the
app irregularly, it costs so little that it's worth having a play with
just to see what is possible. Who knows, now you know how easy it can
be to make a good looking home movie you might just make a few

iMovie - Apple