Hours before the iPad 2 launch, Apple has released its new iMovie for iPad app into the App Store. The universal app is priced at $4.99 and is compatible with the iPad 2, iPhone 4, and iPod touch (4th generation) only. For customers already using the iMovie app on their iPhone, you will be able to download this app for free for use on your new iPad 2.

According to its App Store listing, the new iMovie update includes:

  • Universal app designed for iPad 2, iPhone 4, and iPod touch (4th generation).
  • Multi-Touch Precision Editor (iPad only).
  • Multitrack audio editing with 8 themed soundtracks and over 50 bundled sound effects.
  • Audio recording directly into the timeline.
  • Audio waveforms (iPad only).
  • Three new themes — Neon, Simple, and CNN iReport.
  • HD sharing directly to YouTube, Facebook, Vimeo, and CNN iReport.
  • AirPlay support for sharing to Apple TV (compatible only with second-generation Apple TV; requires iOS 4.3 or later).
  • Project transfer to your computer and compatible iOS devices through iTunes.
  • Ability to add titles on photos.
  • Option to add fade-in from black and fade-out to black.
  • Numerous enhancements, including trimming in Video Browser, in-use markers, video rotation, and more.

Announced at the iPad 2 event earlier this month, iMovie for iPad brings the powerful movie editing application from the Mac to the latest iDevice.

Regrettably, the app WILL NOT work on the original iPad.

The universal iMovie app is available now in the App Store.