, Steve Jobs brought Randy Ubillos—the company’s chief architect for video applications—on stage to present the newly-renamed . In his introduction, Jobs noted “[the app] is not a toy; you can really edit a movie on this thing."

Indeed, iMovie for iOS brings over many advanced features from its Mac sibling, including a Precision Editor, multitrack audio recording, and full HD video support. You can apply transitions and pinch them open to reveal the Precision Editor to make fine edits with tap-and-drag gestures. If you shoot video with an iPad 2, it will appear automatically in iMovie, ready for editing and to include in existing projects.

The app has incorporated a number of multitouch gestures and social media sharing options, as well as three new themes— Neon, Simple, and CNN iReport—for a total of eight. AirPlay support allows you to stream your iMovie videos to a second-generation Apple TV, or you can use Apple's new Digital AV Adapter with iOS 4.3's new mirroring feature to play higher-res versions over HDMI to HDTVs, projectors, and other devices.

Photos can be shot with the iPad 2's built-in cameras or imported from the Photos app, and a Ken-Burns-style panning effect will intelligently keep faces in frame. New to this iPad update is the ability to add graphics and text to photos, with a variety of titles styles available to each theme.

iMovie for iOS offers a lot of audio editing options, an area where Steve Jobs said Apple has had quite a few requests. On the aforementioned multitrack audio recording, iMovie supports three tracks in addition to a background audio track. You can record your own sounds, pick from a library of over 50 sound effects, use the soundtrack included with the theme, or pick a song from your iPod library. You also have a number of options for fine-tuning your audio, including drag-and-drop arranging of clips, per-clip volume adjustment, and the ability to view audio waveforms on the iPad for making more accurate edits.