Also making the rounds today are reports claiming iPhone 3.0 will support on-board video editing. Seems there are some resources in the latest beta of the OS suggesting that video capture and manipulation will figure large in the next device–things like “UIMovie Scrubber Editing Right,” “UIMovieScrubberMaskLeft” and whatnot. Now, while these resources could be pointing to something else entirely, it seems plausible that they are referencing some sort of video tool (iMovie Mobile? iMovie Light? iMoviePhone?)–particularly when considered with the MobileMe “Publish Video” feature also found concealed in the 3.0 beta. That said, no mention of video editing was made during Apple’s recent iPhone 3.0 event. Perhaps Apple (AAPL) hopes to keep it under wraps until the device’s official debut. Or perhaps there’s nothing to keep under wraps in the first place.

Next up on the Macworld agenda: iMovie. This Apple (AAPL) software has been given not just a refresh, but a full rewrite. We’ve added so much to iMovie this year, says Phil Schiller, that iMovie will be the consumer video editing software to have. And that may turn out to be so. Precision editing, drag and drop. Dynamic themes. Automatic stabilization. Animated travel maps. Randy Ubillos, Apple’s chief architect of video, takes the stage to demo the product.

He quickly demonstrates the optimization of a video clip, adjusting its audio, the angle of the video. It’s a very complex edit and he does it very, very simply. The video stabilization tool is, and I hate to sound like a fanboy here, mind-blowing at first look. It’s accurate and fast, and appears to be professional or near-professional in quality. Furthermore, these enhancements are for the most part being done in real time.

A set of new built-in animations, transitions and themes rounds out the application. All very slick.