Apple also announced a major update to iMovie at today’s event. Among the new features is the ability to create movie trailers, just like on the Mac version.

While discussing the new update, Apple officials said iMovie, just like the newly announced iPhoto, has been designed to take advantage of the new iPad’s Retina quality screen.

The update will also allow users of the new iPad to shoot 1080p video, thanks to the updated camera on the tablet that features image stabilization, face detection and auto white balance.

There will be nine movie trailer templates for users to choose from in the update.

The free update will be available today for current owners of the app. The new iMovie will still be $4.99 for first-time buyers.

Are you excited about the new iMovie features?