TITLE: Splice Video Editor
SCORE: 3 / 5
NOTE: There is a pay for version of this app available. Aside from some new features and perks, if all you want to do is simple editing/cutting of your videos, you don't need the paid version.
Movie Maker in a can, with the essentials still there but none of the "glam". Or, to simplify: import the videos you take with your iPod/iPhone, set an in/out point, and cut out anything you don't want. Have a lengthy introduction or something you messed up right at the beginning? Cut out the awkward bits and save the new stuff to your iPod or export straight to YouTube or wherever you like.
RECOMMENDATION: A few minor problems present themselves, but none a straight out deal-breaker. Depending on your settings/the size of your video, working on it may cause some lagging/crashes, and I wouldn't recommend having anything running in the background while you mess with this!