Here's a video I shot and edited completely on iPhone 4, without going anywhere near a computer.
Since iPhone 4 lets you shoot video and stills, and iMovie for iPhone lets you edit clips and add music, text, transitions, rostrum moves and lower thirds, perhaps I can now abandon Premiere, FCP and AVID for a new hardware editing platform which lets me cut 720pHD H.264 in real time without rendering!! A competitor to the Mercury Playback Engine perhaps..
But what they don't tell you in the iPhone 4 marketing blurb though, are the new disciplines you need to learn to be an on-the-hoof shooter and pocket editor (poditor?). You'll find that you're swapping the mouse-induced RSI for a perma-squint whilst trying to see the screen in the sunlight, that comfy resting place for your elbow to hold the iPhone while you're editing is actually a cowpat, and it's a new experience fending off biting insects whilst choosing a transition... new methods, new rules! Also, what do I do about the lack of shoulder ache from not having to carry around all those lenses and tripods? Even so, I completed this edit during my lunch break (including exporting time), sitting in the countryside, without going near a Mac.
Just like when Dylan went electric, now I've gone handheld (editing that is). And there's no going back. My copy of Final Cut Studio and my MacBook Pro at discount price now on eBay, buy it now, OBO! :-)
Go to the video at vimeo.com to download the 720p file to see what the output (exported directly from the iPhone) looks like on your desktop.