A minor Argh, but an Argh nonetheless. It turns out that the awesome iMovie iPhone app that was previewed at WWDC will only be available on the iPhone 4. RazorianFly (via 9to5Mac) reports that this has to do with the A4 chip and possibly the higher res screen — both of which are only available on the newest generation device. So it turns out that 3GS users will still be on the market for third party apps like ReelDirector (which is now cheaper at $3.99, by the way) and VideoEdit (when it comes out).
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