The iPhone4 launched in Canada this week and I lined up for way to long (8hrs too long) to get one. The camera, HD video and onboard video editing had me most excited.
This is a video made entirely on my iPhone4. There are some glaring limitations with this camera and software combination* but once you learn them, some decent results are possible (this video was the learning before the decent).
*NOTE: Catcubed does a great job covering iMovie's limitations in this critical (but informative) review (catcubed.com/2010/06/28/quick-review-of-imovie-for-iphone/).