I recently put together a 25 minute video using iMovie on iPad Air. The movie included a number of video clips, audio and still images.
Adding and editing media is trivial. Multi-touch events make quick work of moving and modifying assets, transitions and audio effects.
Moving about 2GB of media assets to the iPad air required the very nice Photosync app.
One less task for the MacBook Air and perhaps another challenge for the traditional camera manufacturers. I plan to give iMovie a try on my iPhone as well.