Aside from the small matter of announcing the new iPad today, Apple also took the opportunity to showcase a major upgrade to iMovie in order to best take advantage of the new iPad’s HD video capabilities. The newly updated version of iMovie will now let you turn the HD video on your iPhone or iPad into Hollywood-style trailers, even while you’re still recording! The new Theater view enables you to preview and choose from nine templates for your trailer from a range of genres, including Fairy Tale, Superhero and Romance. Your trailer will also now have the benefit of lush customizable graphics complete with soundtracks written by legendary composers such as Academy Award-winner Hans Zimmer and performed by the likes of the London Symphony Orchestra. You can also share your trailers via YouTube, Vimeo and Facebook, as well as stream them via AirPlay to Apple TV in high-definition resolutions up to 1080p.

Click here to download iMovie for $4.99: iMovie for iPhone 4, iPhone 4S, iPod touch (4th generation), iPad 2 Wi-Fi, and iPad 2 Wi-Fi + 3G on the iTunes App Store

Source: Apple

Nice update, to all of the iLife and iWork programs