ReelDirector landed in the App Store in mid-October as the first full-blown video editing app for the iPhone 3GS. At that time it was priced at $7.99, which is fairly reasonable considering the amount of features it contained, but the app was recently upgraded to v2.0 while also being placed on sale for the holidays, making it a steal of a deal.
ReelDirector makes it easy to create professional looking movies while on the go. The app allows you to edit videos on your iPhone 3GS in their original resolution (640 x 480) or scale them down to 480 x 360 to speed up processing. It features a drag-and-drop timeline, the ability to stitch clips together, add text watermarks, add opening and closing credits with four different styles and nine positions, add 27 pro-grade transitions, preview your final piece, and share your movie via email.
ReelDirector v2.0 now features the ability to add photos with the Ken Burns effect, trim and split imported clips, and record and mix soundtracks.
ReelDirector is normally available for $7.99, but it is now specially priced at $4.99 for a limited time.
[Thanks to Jomskylark for the tip!]