Why would you do this, Apple? I know you don’t like the usual resolutions out there, but did you have to go and throw another one on the pile? That’s why there are so many competing formats in the first place. 960×540 H264 MP4? Sure, I could select those specifications if I wanted them, but why would I? Most cameras shoot to VGA or 720p now. Why would you decide to popularize a format that is exactly halfway between them? The idea, supposedly, is “keeping the content in its native recorded format while editing.” Great! What a great idea! Oh wait, everything already does that, and you’re just making a new, dumb-ass format that will only complicate things further!
Seriously. Video editing is already a huge chore. I have to switch between three video editors to make sure I can use footage from my various video cameras (slow-mo, standard, weather-resistant, etc), and god dammit I don’t need another one clogging up the pipes. Is it just an MP4 with those specifications? Then why call it iFrame? Is it slightly different yet no better (as I suspect)? Then why make it at all? Why not make your software compatible with existing formats instead? I’m going to explode!
Convergence may be the word for hardware, but for software and formats it’s a bloody and ongoing battle. And this is not going to help.