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Handbrake.fr can do it after the fact on the desktop easily.
 
There are multiple 3rd party apps that can do it, assuming you mean at the time of taking the video, and not converting afterwards.

My personal favorite for is ProCamera -- it offers a lot of extra functionality for taking stills in addition to video.

Regards,
Tom
 
Not in the phone, nope. I'm not sure if there is a third party app that might do it.

That's shocking, just a simple thing to do as well. 1080 is gonna batter my memory and I have the 32GB model as well grrrr

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There are multiple 3rd party apps that can do it, assuming you mean at the time of taking the video, and not converting afterwards.

My personal favorite for is ProCamera -- it offers a lot of extra functionality for taking stills in addition to video.

Regards,
Tom

Cheers Tom but does this ProCamera allow you to take the HD video quality down before you take the video?

Sure iOS6 allows stills to be taken whilst taking video as well.....
 
That's shocking, just a simple thing to do as well. 1080 is gonna batter my memory and I have the 32GB model as well grrrr

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Cheers Tom but does this ProCamera allow you to take the HD video quality down before you take the video?

Sure iOS6 allows stills to be taken whilst taking video as well.....

Yes, you set the desired video quality before shooting. I just leave mine set on 720.

Also, didn't mean to imply that ProCamera can take a still WHILE shooting video, like the new functionality of the iPhone5, just that it's generally a full camera app replacement.

Regards,
Tom
 
You could also take the video (1080p) import into iMovie on the iPhone, then export to your camera roll in 720p, and delete the original... Long solution, but it works!
 
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