You may not have an iPhone 4 yet — unless you lucked out on delivery, you’re probably still waiting in line — but if you did receive Cupertino’s latest opinion polarizing handset, you might have noticed it doesn’t come with a tool to edit all the 720p footage of jealous friends that you just shot. Thankfully that can be remedied with a portrait of President Lincoln, as iMovie for iPhone just went live — head on over to the App Store and drop your $4.99.