Seems that a amount of browser based videoediting applications has been released, and they work better than anybody could expect. The first implementation of this Adobe AIR-platform was seen as a Fronter-module made by Norwegian  Creaza. Another implementation was experienced on this K12 film-site. In some minutes I uploaded several videoclips (including flv), images and [...]

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/