It’s just a rumor for now, bits of newly discovered beta code, really, but could be true, and soon.

Now, video editing and the iPhone isn’t totally out of the blue. Just last month, in the aftermath of the big firmware 3.0 beta reveal, intrepid cyber sleuths uncovered an “upload my video” option in the MobileMe section.

But this tip, recorded from several sites now, is something a bit new. Buried in the beta are some graphics that future iPhone directors might use for video editing. There are also some art resources that allegedly show scrubbing and clip features.

And naturally, if these features pan out, they would make massively more sense paired up with a device that has a faster processor, more storage, etc. so rumors of larger memory iPhones make sense now too.

We’ll just wait and see.