Avid Studio is totally up to the task. Simple enough to be intuitive, powerful to make some fine tune edits. I think I fell out with iMovie on the Mac in 2008 (yucky interface), it does not redeem itself on the iPad in 2012 (I tried, it’s yucky there too; I couldn’t even figure out how to trim inside a clip). This review pretty much sums it up:
http://www.macgasm.net/2012/02/03/avid-studio-ipad-smokes-imovie-ios/
(Both apps are $4.99 in iTunes.)
I tested Avid Studio for the iPad with a really quick (i.e. no finesse at all) edit of my daughter’s birthday this weekend at Seattle’s Pacific Science Center. I love that it includes a “Storyboard” in its timeline. I filmed this using the Olympus E-PM1 micro four-thirds camera, in 720p AVI, with a Leica DG Summilux 25mm f/1.4 lens and an Olympus external mic.
I guess I’ve always faced a duality when it comes to my technology; I believe in being fluent in competing systems — because I fear dependency on any one system that might pull the rug out from under me without notice. So, I’m a little bit country, and rock & roll: Windows & OS X, Avid and Final Cut, Android and iOS. After learning how to edit on Avid, and then switching to Final Cut Pro for my documentary films, I’ve now decided to use Avid Media Composer whenever I make that next film.
I lost faith with Apple after they bungled their switchover to Final Cut X last year. They may have finally updated it to include sufficient functionality, but I no longer believe that Cupertino cares that much about the professional content creator. Why should they? It’s the consumerization of tech after all, and they dominate the “Post PC” world. Still, isn’t it amazing that I’ll have more luck using Adobe Premiere to import my old Final Cut Pro documentary project than I will with Final Cut X? This is also why I ultimately chose Adobe’s Lightroom photo management software over Apple’s Aperture.
For fun, here’s a little video I shot with the “new” iPad of my son banging on the pots and pans (gotta be fair to both kids). I decided to throw in a little Rush on the second audio track (once again in Avid Studio), and voila! Darn me for holding the silly device in portrait mode, hence the pillarboxing.
HRH Media 
Very helpful, nice. And a happy birthday to Miss Rose as well.