Vimeo has finally released an iPhone app (iTunes link). And it's totally worth the wait. The new app doesn't just allow you to watch videos on your iPhone and share them to various social networks, but lets you actually edit the video as well.The video-sharing website
The app is well-designed and easy-to-use. It includes a video recording interface that should make your mobile videos better, letting you capture video with focus control and grid alignment. Then, once recorded, you can edit and trim your videos, adding transitions, titles, special effects and music. Finished videos can be uploaded to Vimeo from within the app as well.
You can upload in high- or low-resolution and - important if you're on 3G - you can pause those uploads and resume them when you're on WiFi.
In fact, you'll be able to accomplish pretty much everything that you'd do on the Vimeo website from the new app: watch videos, download videos, organize your collection, edit titles and tags, share, and view your stats on daily plays and feedback.
The app is free, and I'd say it rivals Apple's own iMovie app which will set you back $4.99. The app is compatible with the iPhone and iPad 2, but requires a free Vimeo account in order to upload your content to the site.