MacWorld has confirmed by "sources close to Apple" that iMovie for iPhone will not grace its presence onto the iPhone 3GS. Instead, iMovie will only be available on iPhone 4. Apparently, the transitions, effects, and other editing capabilities of iMovie for iPhone need Apple's A4 processor found only in iPhone 4 to really work at a comfortable level. A report also says that iMovie will not run on the iPad, which also includes the A4 processor. This can probably be taken as a cue that iMovie will come in the next iteration of iPad in a form to take advantage of the larger display. iPhone 4 will be available in stores and online June 24th with iMovie for iPhone on that same date in the app store for $4.99.