iMovie for your iOS compatible device allows you to take and make HD movies. You can add video and sound effects to spruce it up.
This app is updated to version 1.2 to run on the new iPad2 and take advantage of the available camera. This version will also run on iPhone4 and the iPod touch (4th Generation). The multi-touch precision editor and Audio waveforms are available only on the iPad version.
The app has been built to run on the new iPad2. According to Apple:
Built from the ground up to take advantage of the large Multi-Touch screen on iPad, GarageBand turns your iPad into a collection of musical instruments and a full-featured recording studio, making it fun and easy to create music wherever you go. Play a collection of Touch Instruments and Smart Instruments using Multi-Touch gestures. Or create a song whenever the inspiration strikes using a powerful eight-track recording studio.
You can watch the Garageband video here to learn more.
Both apps sell for $4.99 and are available for immediate download.