Easy and affordable are two words I generally don't associate with Avid but this is worth a look. Avid Studio for iPad seems to be a full featured video editor for iPad tablets.
It looks tasty. According to the specs, you can use the software with version 1 and 2 iOS tablets running iOS 5. The software can record, edit, create animations, insert audio and upload from inside the application.
It seems to be a full editing suite. No compromises on editing? At $4.99 I would want to test it out but it really does look like some of the behaviors of what I want in a tablet editor. It is new software so before you hit buy you might want to check out the software forum.
If you are a total video editing newbie you might want to stay with iMovie but if you have experience with video editing concepts this could rock you boat.