Vimeo has just launched its official iOS app. You can watch all the Vimeo videos and upload yours. But wait, there is more the app offers quite a capable video editor too.
You can record videos directly from the Vimeo app interface and edit them. You can trim or combine videos, add external audio tracks or even subtitles and choose different transition effect. You can also choose a video from your library or export one to there. The best part of all is the Vimeo app is free and offers quite a premium functionality that can surely compete with the Apple iMovie.
The rest of the functions are pretty similar to the YouTube app. There is one important feature missing though video search. You can only browse different channels, but there is no searching. I guess Vimeo devs will add this later.