New details have emerged of the new iMovie app that was launched on the WWDC alongside the launch of the new iPhone 4 and iOS 4.0.

• First off, it won’t work on the iPhone 3GS, you supposedly need the iPhone 4′s A4 process and probably its higher res screen as well.   Handling video and creating real-time transitions was the official reason.
• You can’t export projects (yet?) to iMovie on the Mac for further editing.  Obviously you can export plain movies via iTunes and do whatever you want on the desktop after that.
• You can record video and still images directly within the application or bring in previously recorded stills/videos.  Because of the way the iOS works, you can also use footage sent to you via email because image/video files are saved in the Camera Roll.
• Obviously the files would need to be Apple-approved formats like H.264.  .AVIs need not apply.
• The app will ship on June 24th for $4.99 (as announced before).  The app is for iPhone only because it probably uses the higher res display and probably won’t upscale to the iPad’s display.  It would be surprising if an iPad version doesn’t at some point appear on the appstore, given that it has the required specs(Apple’s A4 chip),whether the iPad gets a camera or not.