My Take
I highly recommend this app because of the ease of use. While it is no Final Cut or Adobe Premier Pro, it is a good easy to use tool that students can master within a few uses. One of the best features is the "Trailer" project, which gives the user a variety of templates to create a trailer for a movie, book, game, etc. My students have always enjoyed making these trailers, many times they are just creations of their own imaginations, but we have focused there use in projects.
One of my complaints come from the change when the app became free and completely resigned, it feels a bit more stripped down and somewhat harder to work with the smaller nuances of your projects. Yet, with each update they continue to bring the app back to it's former glory! Overall, I recommend this app to all teachers using iPads in their classroom.
How I Use It
I have always been a fan of all thing Apple! iMovie has always been one of my favorite video editing tools, particularly on the computer. This app version of the program is great and filled with features that really make videos come alive. I have used this with my classes and with teacher's through professional development to create digital stories and other similar digital content with a great deal of success. While there are a few draw backs and this app is not yet up to the same greatness that the older (paid version) iMovie, it is a tool which still gets the job done in an easy to use way!