Pinnacle Studio is one iPad app that I think deserves your attention. Pinnacle Studio is a video editing app that is free right now although I don't know how long it will be before they start charging. After giving it a try I have to say that you should not waste anytime and grab it now while it's free.
Pinnacle Studio for iPad reminds me quite a bit of iMovie. In testing Pinnacle Studio I found it to have a more intuitive interface than iMovie (and I've used iMovie on my Mac for years). Within the first thirty seconds of using the app I was applying zoom effects, trimming and combining video clips, and adding a sound track to my project. The Pinnacle Studio editor works in landscape and portrait mode although I found it easier to use in landscape mode. Your finished Pinnacle Studio project can be exported to YouTube, uploaded to a Box.net account, emailed, saved on your iPad, or sent to your PC if you have Pinnacle Studio for PC (not a free program).
Applications for Education
If you're looking for an intuitive video editing app for your students to use this year, grab Pinnacle Studio for iPad while it's still free.