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iMovie for iPad: Precision Video Editing

Apple is bringing iMovie to the iPad, which takes full advantage of the iPad 2‘s new A5 dual-core processor, promising precision video editing, multitrack audio recording, Airplay compatibility and the ability to export movies in HD. Oh, and it’s also coming as an update for iPhone and iPod touch devices. It will cost $5 when it comes out on March 11.

This new version of iMovie comes complete with new themes, and a tweaked UI that takes full advantage of the added screen real estate. Here’s what we know so far:

• The homescreen is made to look like an old-time theater, which has previous projects displayed as thumbnails, and theme templates displayed as movie posters.

• Gestures play a prominent role in editing clips. You can use reverse pinching to activate the precision editor, as well as pressing and holding the screen to create cut points.

• Transitions are fully customizable, including the Ken Burns effect!

• Audio is also given more thought, as you can bring up full waveforms, include multitrack audio and import songs from your iTunes library. You can also adjust volume for specific segments and choose from over 50 included sound effects.