Apple has updated their iMovie iOS application to work on the iPad 2. The update also brings some features from the iPad 2 version down to the iPhone and iPod touch version.

(update: GarageBand too. – both work on iPad 1 as well)

Here are the new features:

Universal app designed for iPad 2, iPhone 4, and iPod touch (4th generation).

• Multi-Touch Precision Editor (iPad only).

• Multitrack audio editing with 8 themed soundtracks and over 50 bundled sound effects.

• Audio recording directly into the timeline.

• Audio waveforms (iPad only).

• Three new themes — Neon, Simple, and CNN iReport.

• HD sharing directly to YouTube, Facebook, Vimeo, and CNN iReport.

• AirPlay support for sharing to Apple TV (compatible only with second-generation Apple TV; requires iOS 4.3 or later).

• Project transfer to your computer and compatible iOS devices through iTunes.

• Ability to add titles on photos.

• Option to add fade-in from black and fade-out to black.

• Numerous enhancements, including trimming in Video Browser, in-use markers, video rotation, and more.