At this point it’s no secret that the next iteration of the iPhone software (3.0) will have video recording abilities.  But Business Week’s Peter Burrows thinks the computer manufacture cum media giant will in fact implement an iMovie app, which will be a watered down version of what appears on the Macs, enabling users to edit video clips on the fly.  Additionally, he suggests that MMS we’ll be implemented in this iteration of the software to allow quick and easy distribution of the clips as well as a YouTube sharing feature.  Note, this is all speculation, but in the grand scheme of things it sounds all very savvy as it will potentially put the iPhone in the hands of pocket videographers, that is assuming the optics are good enough.

[via Macrumors]

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