Somewhere around April 1, YouTube founders Chad Hurley and Steve Chen announced they would be working on MixBit. Quite honestly, with all the April Fools jokes going on at the time, it didn't seem all that sincere. But they have indeed launched this app, which allows you to shoot 16-second videos, with the ability to combine 256 clips into an hour-long video. The app is set up so that you can use other MixBit users' clips to "remix" into a new video. Currently available on iOS, an Android app is slated for September.
Features of Mixbit
Here it is in action:
You'll notice all the different clips represented by the colors on the timeline. Basically, you shoot your video clips, edit by moving/deleting clips on your device, and then upload to the MixBit website. Mixbit becomes a social app when your clips can then be used by others, with some guidelines of course.
Anyway, if you want to download this app, you can go here.