Reel Director is one of the first full iphone based editing applications that I have found.
This application allows you to import, edit, render, and upload video. Clips can simply be imported from the photo library and placed in the timeline. Once in the timeline it is super simple to trim these clips and add transitions.
Once satisfied with the clip arrangement, you are able to view all the specific details of the video. Here you can render, share, edit the properties or save the video back into your photo library.
In the properties screen for each project, you can add opening and closing titles, add global transitions and change the quality.
All that said, the only weakness of this software is that you still need a computer to add music into the video. It isn’t the end of the world, but its the only thing that prevents you from completing the video 100% on your phone.
Dont forget, download Reel Director here
Here is a video I created of the OpenDataOttawa Hackfest using Reel Director