This^^
I mean really, who wants to transfer a video from their iphone to itunes, simply to transfer it back to the ipad just to edit it. The idea is you will do quick edits on the phone and if you are not happy, do full edits on your mac. Its already time consuming enough editing video, imagine transferring a 5-10GB file around 2-3 times?
Nope, see my post prior, you cannot transfer project files from phone to computer. Only completed files exported in standard formats (Medium 640x360, Large 960x540 or HD 1280x720) . To me that kind of 'sucks?' You can however send it strait to YouTube, or an MMS text or email.