Waiting for the iPhone4 to come out in the hope to do mobile video editing is not necessary. Vericorder have come out with an app for that.
The app is a simple to use video, recording and voice over recording app that allows for video editing and distribution to be possible on the move.
There are three modes, record video, take photographs and record voice. Each of these modes allows you to gather material, name the clip and then record the next shot.
The project tab allows you to add video clips to the sequence, shortening and sorting the videos in the order you want.
After that is done go to the voice ovee app, record the audio, transcribe what you have said before adding the audio track to the timeline. Once that is done save the project.
Export the video, chose send as video and you will have a finished edited news item.
It is intuitive to use. Within ten minutes of use I understood how it works and simplz need to find events furring which to test the applicAtion.