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]