Video is one of the few applications that haven’t been fully realized in the cloud. While we’re not there yet, Google’s been making great strides since they unveiled YouTube Video Editor nine months ago. The web-based service lets you perform basic editing on your clips.

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It includes fancy effects like black and white and familiar transitions such as crossfade, wipe and slide. Well, fasten your seatbelts because YouTube’s cloud editor now boasts awesome video stabilizer and 3D support. Shaky video is always a big issue with tiny smartphone cameras and recording gadgets like the Flip. Not anymore, Google argues.

Just upload your clip, hit the Stabilize button and marvel real-time previews, made possible by splitting the computation required for stabilizing the video into chunks and distributed them across different servers.

The above clip is raw material and below is the same footage after stabilizing. In regards to stereoscopic 3D video support, Google explains:

If you’ve used a pair of cameras to capture stereographic video, but need the two streams to be synchronized and laid out in a way compatible with YouTube’s 3D feature, this new tool will do the work for you.

We’re not entirely sure whether Apple has any immediate plans to introduce cloud iMovie. I’d put my money on them developing such a web app, even with the iLife suite being one of the primary reasons why people buy Macs.

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