Put this in the category of "I didn't think I could do this on my iPhone." Cinefy is a US$0.99 app for the iPhone that lets you overlay Hollywood-type special effects over your videos. There are dinosaurs, missile attacks and lightning strikes among 100 nicely rendered CGI effects. The app also allows you to add a music track from your iTunes library.
The app is timeline-based and easy to figure out if you have done elementary media editing, but it lacks built-in help. It would be nice if there was a demo video so a novice could figure out the basics.
You have to layer the effects over a video clip, but developer Daniel Hellerman told me that an upcoming version will support photos. If you want to have the most realistic e
