Once known as "the hipster YouTube", the high-quality internet video site debuted its mobile iPhone app yesterday, an ongoing effort to compete with other high-profile video apps like Apple's new and improved iMovie for iPad 2.

Vimeo, owned by InteractiveCorp, concentrated intensely on the editing and uploading functions of the app, attemping to make it as user friendly and familiar to both existing Vimeo fans and new users looking for a cheaper way then iMovie's $5 price tag to create and edit clips.

Vimeo's head of Product Development, Andrew Pile, explained to CNN some of the difficulty of competing with a tech giant:

We spent a lot of time keeping up with [iMovie]. We chose a very hard thing to develop because Apple was working on something themselves, so we were always a step behind.

Despite Pile's modesty, the Vimeo app appears to be working quite smoothly, already generating many positive and excited reviews from the App Store.

For more information, check out Vimeo's Blog or go here to download.