Back on topic ...
Here's a wee example I cooked up - http://www.youtube.com/watch?v=GTXBe7SfJSw&hd=1
Completely agree with the review - it's a good app, but not great. However if 5 years ago someone told me I could edit High Definition video on the go, using the device I shot it on, I'd have called them a liar.
It might not be perfect, but hopefully apple can make some good improvements, or inspire someone else to come up with a better implementation, because it's damn good fun to faff about with this stuff.