iMovie on the iPad - good for casual videos only

Now that the New iPad has been out for a bit more than a week, how good is iMovie on the iPad with regards to producing videos?  Can it replace iMovie on the Mac?

The folks at ArsTechnica posted a review of iMovie on the new iPad. Their answer is similar to what we saw - while it supports 1080p, it's a good enough video editor for casual video to be posted to Facebook or YouTube, but not good enough for any serious work.  Apart from the fact that it is tricky to import and edit footage not shot on the iPad, the editing tools are still a bit limited, lacking features such as basic color and contrast controls, plus more advanced titling.

For now, while it's great fun to crank out some home videos quickly, we will not iMovie on the iPad for anything else.