I think we can all agree that video editing for smartphones is in its infancy.
Looks like a new company specializing in the apps for mobile devices, but making a good product.
The big industry guns are holding back on mobile devices at this point like Adobe and Apples. There's nothing this serious yet for Android devices and Windows mobile devices.
You do know that IMovie is junior video editing program first introduced with the Imac DVs that was included with Imacs to give new users an introduction to video editing and Final Cut was made for the professional market?
IMovie for the IPhones would indicate a similar trend in the smartphone and tablet market.