iMovie App Updated for iOS 4.1, Finally Lets You Split ClipsS

Apple's iMovie iPhone app has received an update in honor of iOS 4.1 being released. It's now compatible with the new iPod Touch, allows you to split video clips, and more:

• Compatible with iPod touch (4th generation).
• Ability to split video clips.
• Automatic music looping when video extends beyond music track.
• Scrub to preview clips in Video Browser.
• In-app Tips page that illustrates how to use key features.
• Updated Photos Browser with newest images at top.
• Mute badge to indicate video clips with audio disabled.
• Additional performance and reliability improvements.

For those who don't have the app, it's priced at $4.99 and available on iTunes. [iTunes]