Doing some more testing of the capabilities of iMovie on the iPhone 4. This is the Modern Theme with the built in Theme Music. It's pretty nifty, but one major complaint is that it seems impossible to insert a title card in the introduction. You can only put text on top of video clips and that text stays there for the entire length of the clip. Despite this limitation, it's still pretty darn impressive how much you can do on this little app and I can only imagine where Apple will be taking it in the future.
Oh and if you're reading this and have an iPhone 4, don't hesitate to purchase iMovie ($4.99) immediately. You can have a lot of fun with it.