An iMovie update released on Tuesday revealed a brand new video format the company has been developing.

Dubbed iFrame, the new video format is based on industry standard technologies like H.264 video and AAC audio. As expected with H.264, iFrame produces much smaller file sizes than traditional video formats, while maintaining its high-quality video. Of course, the smaller  file size increases import speed and helps with editing video files.

iMovie 8.0.5 released on Tuesday adds compatibility with camcorders using the iFrame video format. Currently there are two cameras that support iFrame: the Sanyo VPC-HD2000A and the Sanyo VPC-FH1A.

The two cameras were introduced earlier Tuesday and default to shooting video in the new format. iFrame shoots at 960×540. The cameras can also record in high-definition 1080p (1920×1080), as well as high-speed video formats for slow-motion playback, according to Sanyo.

The iMovie update can be downloaded from Apple’s Web site or from the software update mechanism in Mac OS X.