In an opinion piece, BusinessWeek conjures images of a video recording and editing powerhouse in the next version of the iPhone. We’re talking much more than shooting 30-second snippets here, we’re talking about on-device video editing. Will it happen?

In an article posted yesterday, BusinessWeek writer Peter Burrows waxes poetic about what tricks Apple might have up its collective sleeve with respect to a new iPhone. The big change will be new video powers. This is something I’ve been longing for.

Burrows makes a decent case. He writes, “Apple will make the iPhone a one-stop studio for recording, editing, viewing and sharing your own videos.” He cites a source “familiar with Apple’s plans” for the next iPhone and notes that shooting video will be as easy as using the Pure Digital Flip. Beyond just shooting video, Apple will install elements of its video editing software, iMovie, on the iPhone itself, allowing for on-device editing. Don’t forget an easy way to upload to YouTube.

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