Except for advanced tools, like color correction and chroma keying, the iOS version is comparable in capabilities to the Mac version.
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You can AirDrop projects between iOS and OSX devices.
the features and ease of use are best in iMovie
How it works is you drag handles for the ends of the clip to trim, I did this on a 15 minute video and found it too inaccurate could not get it to scrub to the right frame, much less the correct moment.
This is very annoying when you need to combine clips
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