I'm thinking about upgrading from my Windows PPro v1.0 to 1.5, installing the 1.5.1 HDV plugin, and then I'd love to start editing footage I've captured with my iPhone 4.
How stable do you think that editing setup would be? Thanks.
Most likely will not edit at all... Iphone won't edit http://forums.adobe.com/thread/881246
As Steve says in that message... buy Quicktime Pro from Apple to edit their files
The HDV plugin is for HDV footage from HDV camera's (mpeg2) and a iPhone does not produce HDV footage, usually its mp4. So short answer: no.
As others have stated, for that footage, I think that you are looking at, at least CS3, and due to what is current now, CS 5.5, or CS 6.