iMovie, the iPad2 and Externally shot video

There was a question recently about iMovie - and if you could import video shot on another device and edit it on your iPad2.  

 

I say iPad 2 - because iMovie will NOT repeat will NOT work with the iPad1. Yes that sucks.  

 

Ok back to the question about externally shot video and editing it on iMovie.  Apple says yes and no.  Yes if said video was shot with another iOS device - iPhone 4, iPod touch 4th gen or another iPad2 - but no if that video was show with a camcorder or other smartphone.  

 

However you could always use handbrake to convert said video into the correct format on your computer and then bring it over - but if you are on a trip and it is just you and your camcorder and ipad2 - you are as they say S O L.  

 

If anyone is aware of any apps for the iPad2 that will allow you to import in video from a camcorder and convert it on the iPAd 2 for use with iMovie - and you have done this - please let us know.