I am thankful for having the ability to edit video using reel director on my iPad but I wish there were a few different options.
Firstly only being able to output 640x480 means that you will have the ugly black bars around your video even though your footage may be shot in 16:9 (widescreen)
Yes it takes a while to render but just being able to push HD video around on a device as light and with as little RAM as the iPAD is an achievement IMO.