What's inside iPhone OS 4.0 (iOS 4)

Since Apple gave us a sneak peek back in April of what's new on the iPhone's latest OS, CEO Steve Jobs' WWDC keynote speech (live blog) failed to blow us away. However, Jobs did claim 1,500 incremental improvements to the new operating system, including a new name: iOS 4.

New name: Apple is calling its new OS "iOS 4," since it works for the iPhone, iPad, and iPod Touch.

Multitasking: At long last, we'll be able to run multiple apps--including third-party apps--at the same time.

E-mail: iOS 4 gets a unified in-box for multiple e-mail accounts. It includes threaded e-mail conversations and the ability to delete all conversations at once.

Folders: Create folders by dragging one app on top of another, a good way to create a sort-of application launcher. You can rename folders and drag on more apps at any time.

Camera software: As camera hardware jumps from 3 megapixels to 5, the onboard software gets 5x digital zoom and tap to focus.

HD video recording: New to iOS 4 is a high-def recording rate of 720p at 30 frames per second (and keeps the LED flash on for HD recordings). One-click sharing from the phone.

iMovie will let you edit high-def iPhone 4 videos from the phone, but it will cost you $5 to get it.

(Credit: James Martin/CNET)

iMovie for iPhone: The iMovies app can edit HD videos from the phone. From there, you'll be able to MMS, share videos via MobileMe, YouTube, and e-mail--but notably not through Facebook. iMovie will be able to pan and zoom and add effects, transitions, and themes. It will also tack geolocation into the movie titles. You can record videos directly into a video timeline and pinch to change the scale or drag to trim or edit the video. You'll also be able to choose your export size. iMovie will cost $4.99 in the App Store.