App info is currently processing and/or the app is not yet fully available for sale on the US App Store. Was 'Avid Studio' before. http://itunes.apple.com/app/avid-studio/id491113378?mt=8
Really surprised to see this free without any IAP for any core features. No IAP at all yet, though I'd imagine they will add some effects and such. Pretty nice app. I deleted iMovie a while back since it took up too much space with the trailer update, this seems both functionally better and much smaller.
^ Yes. Storage space is always a problem with iOS devices. The iPad 3 is a GREAT video machine (very good camera, editing), but it needs x4 the flash space.
^ Download Pinnacle Studio anyway (iTunes PC/Mac). Maybe you get an iPad 2 or 3 sometimes (highly recommended esp. for gamers), then you have a very good video app already for free (no matter what it will cost then; this is valid for all the time-limited-free iPad apps and games). The precedessor Avid Studio never had a sale. There should show up more and more affordable second hand iPads in eBay etc. with the time.
^ You're welcome, AnarKitty (and others)! There is an excellent, comprehensive (50 pages), and illustrated tutorial/manual behind the question mark in the main screen of the app. Here it is German-language but I am pretty sure it's in English when you have set your iPad to English.
Avid Studio is now free as well (was $4.99 since the day when it was published). So if you have an iPad original ("iPad 1") it's the app for you. All others get Pinnacle Studio (see OP, first posting in this thread). Still free until Sept. 18. App info is currently processing and/or the app is not yet fully available for sale on the US App Store.
Just a bump/reminder for all of you who haven't got it yet. It seems that it's the last day for Pinnacle Studio being free!