YouTube co-founders Chad Hurley and Steve Chen have finally taken the wraps off their new video creation service, MixBit. Initially teased back in April, MixBit attempts to take the best things about Vine, Instagram, YouTube, Vyclone, and other services and mash them into a single experience.

Making a basic MixBit is very simple. If you've ever recorded a Vine or an Instagram video, you'll feel right at home; just hold your thumb on the screen to start recording a clip up to 16 seconds long. You can record a massive number of these clips: MixBit videos max out at 256 clips, making the max length well over an hour. After recording, you can then edit, reorder, and even duplicate the individual clips as you see fit. You can also import any photo or video from your camera roll. Once you're happy with the result you'll be able to upload your project as a draft, a private (or "limited access") video, or a fully-public video, and there are also options to share to your Facebook wall or Twitter at the same time.

Uploading your video is only half the story, however. Much like the video service Vyclone, you'll be able to edit your clip, and anyone else's, from your browser. Even after publishing, the videos are stored as separate files, which makes them infinitely remixable. You can even pull out clips from other people's videos and splice them into your own. Although we can attest to the recording part of the app working just fine, the majority of MixBit's online platform isn't working yet. Although the app description invites users to "check out MixBit.com to view, collect and mix videos contributed by the community," that link redirects to a corporate site, and even video links shared from within the app currently fail, so we haven't been able to see exactly how the remixing works.

You can give MixBit a spin for yourselves by downloading the free app for iOS — an Android version is reportedly on the way.