Apple on Tuesday released iMovie 8.0.5, an update to the version of its video editing software included with iLife ‘09. The free update is available for download through the Software Update system preference, or from the Web site.

New to this incremental release is support for a new video format called iFrame. iFrame features a native resolution of 960 x 540 pixels, and is based on the H.264 video codec and the AAC audio codec. The advantage of iFrame is that it’s already in a format the computer can use to edit right away, saving time on ingestion, since no conversion or transcoding is necessary.

iMovie 8.0.5 also improves compatibility with importing video captured on the iPod nano, and fixes problems with resizing the iMovie window during playback.

Sanyo offered the first information about iFrame earlier Tuesday when it introduced two new “Dual Camera” camcorder/digital still camera models that support the capability. The new cameras, the VPC-HD2000A and VPC-FH1A, ship immediately for $599.99 and $499.99 respectively. The new cameras also record 8-megapixel still pictures and can also operate at 1920 x 1080 pixel (1080p) resolution.