Can the ipad2 export 1080p video?

I know that iMovie allows this and so does vericorder 1st video, but I haven't seen this capability in any other app. The guy who makes Videograde had this to say:

Unfortunately, the iPad 2 is does not allow for the 1080p video processing. The device is capable of it, but iOS restricts that option. I even got confirmation from Apple that the only current device supporting that feature is the iPhone 4S.

"VideoGrade is coded in a way where it asks for the device capabilities on start up. That means that, if Apple changes that in a future iOS release, the App will support 1080p out of the box, without needing to release a new update.

I'm sorry I don't have better news. I understand how important that feature is and know that the iPad 2 has the necessary horsepower to process videos at that resolution, so you can be sure that I'm always looking for alternate ways to include this feature."

I'm, not sure what to think - the latest avid app only allows 720p export on the iPad 2. Surely they would have provided 1080p if it was allowed. Then why does apply only allow it in iMovie????? So confusing!!!!!!

What are your thoughts?