Vyclone is a free service for collaboratively editing videos on your iPhone, on your Android phone, or on the web (does not work in Firefox). The main purpose of the app is to allow multiple people to record the same event, each at a different angle, and combine their footage to create one video. With the app installed on your phone and location services enable you can record videos and upload them to your account. Then share your footage with other users who can add to it and remix it with their own. If you don't want to share your footage with all Vyclone users you can specify the users who can access your videos.
The web version of Vyclone isn't as polished as the mobile apps, but you can remix any footage that has been shared by others. Vyclone on the web only works in Chrome and Internet Explorer 10.
Applications for Education
For students 13 and older Vyclone could be a good app for creating and editing short video reports to post on classroom blogs. Vyclone could also be a good app to have students and teachers use to record highlights of a science fair then combine the footage to create a highlights show.