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iMovie for iPhone 4 arrived on the App Store tonight, just hours before the official 7:00am launch of the iPhone 4.

The iMovie app brings the ability to edit and share videos directly to the iPhone. From transitions to titles, to adding background music to your clips, iMovie promises to offer powerful editing features.

Along with the release of the app, Apple has posted a list of frequently asked questions, as well as instructions for exporting videos from iMovie. Curiously, while the instructions detail how to export your videos in full HD (at a resolution of 720p), the summary at the top of the page suggests that your video will be scaled down to 568×320 if uploaded to YouTube, MobileMe, or sent via e-mail from the phone.

Aside from the resizing, iMovie for iPhone 4 looks promising. And at US$4.99, it is an inexpensive way to extend the video capabilities of your phone, allowing you to quickly create and share movies of friends, family, or special events while on the go. If you’re picking up a new iPhone tomorrow, this is definitely something to check out.