Using the app, you can add transition effects such as fade ins, fade outs, twists and folds. Other editing tools include split, copy, merge, delete and more. Special effects include slow motion, fish eye, and warp, among others. And there is no limit on the duration of the video that you're editing.
The app is available only for Windows Phone 8.1 powered handsets, and while normally it will set you back $1.49 after a free trial, for the next three days you can download it for free. So if you're serious about turning the raw video shot on your Windows Phone 8.1 phone into entertainment, go straight to the Windows Phone Store and download the app now.
source: MovieMaker8.1 via WPCentral