Apple have updated their iMovie app for the iPhone 4 to 1.1 so that it now adds support for the new 4th gen iPod Touch. I wonder if they’ll ever bring this to the iPad though? Surely with more screen size it makes a lot of sense.
4th Gen iPod Touch at the Apple Store
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Maybe it requires iOS 4.0+ API? That would explain why it's not available for iPad.
Yeah, that's probably it