ReelDirector is a new iPhone application that you can combine several clips with, a big change from the native Camera app. There are some transitions also, but what makes a difference is that you can make smaller chunks of filming and join them. I’ll get back with some edited material so stay tuned.
Link: http://theappleblog.com/2009/10/21/reeldirector-full-featured-video-editing-comes-to-the-iphone/