AppStore : Cute CUT
It is easy to use as iMovie but has the power of a PC video editor. For the price of 5.99$ (CA), it's a great deal!
As any video editor, you can manage your projects individually and export them to your camera roll, to Youtube and Facebook. Where Cute CUT really shines is the ability to combine video, music, audio, text and drawing with custom transitions.
Add your new tracks and start applying your effects with a few touches.
Text can be customized in almost any way: size, colour, border, position, rotation, etc... Name it, it should be there.
Any source is also customizable with position, opacity, rotation, resizing, trimming, etc... You can even do basic picture-in-picture using 2 video tracks.
One of the best feature of Cute CUT is the custom transitions that you can apply. You have as usual the fade-in/fade-out and other regular transitions. But you can apply your own custom transition by changing the position,rotation, opacity, audio level, and so on, at the start and at the end of a custom transition. By combining the available settings, you can have a really slick transition like zooming on a part of the video and fading out to the next one. Almost anything is possible.
With a those transitions applied, you can preview your masterpiece in real time without having to pre-render the project first.
It is really fast even if you have many tracks to render. Rendering time is almost equal to the project length. So for a 1 minute video, it will take around 1 minute to render the final result.
If you want to do video editing on your iPad, you need Cute CUT!