Apple CEO Steve Jobs just announced the highly anticipated fourth-generation iPhone at WWDC, and the device is bound to make some people at Cisco pretty nervous: The iPhone 4 features 720p HD video recording at 30fps, an LED flash that doubles as a spotlight source for video recording and the ability to edit any video footage right on the device. Video editing on the iPhone is enabled through a custom version of iMovie, which can be bought in the App Store for $4.99. The development of iMovie for the iPhone was led by Randy Ubillos, whose previous credits include the design and development of Adobe Premier and Final Cut Pro. The software features a number of themes and transitions and makes it possible to export video in 360p, 540p and 720p, all of which can be shared immediately via Wi-Fi or 3G networks.