Apple has pushed out an update to its iMovie app for iOS. Though the update is relatively minor I can confirm that it does indeed fix the problem with photos in movies after the movie projects were restored from backup. Here's a list of all the updates included in iMovie for iOS 1.4.1:
Improves reliability when sending photos from iPhoto to iMovie
Resolves an issue that could affect photos in projects and trailers after restoring from a backup
Improves overall stability
iMovie for iOS runs on both the iPhone and iPad a
