There isn't any video editor as complete as the iPhones video editing application, there is a simple video editor on the Droid X but its no where close to theirs... If you open a video and then click left button Menu/Edit menu and then you can cut, resize and edit a few aspects to your videos but this is a very simply application. Maybe a developer will release something more detailed but I don't think that there is really a need to customize a video on a device, so you just have to wait and see what gets made.