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nobody can tell you until someone gets their hands on a iphone 4, it depends how the iphone compresses and stores video and what not
 
Well lets just pretend that it records at the same bitrate and filetype as the Flip Cam. If you had exactly 32GB's of free space then you would have 8 hours of 720P video (The 2 hour Flip Cam is 8GBs). So I would say at the very least 5 hours.
 
It looks like it uses 4Mbs if it's running quicktimes h.264 compression.
 
4MBPS would be disappointing, as this is roughly what the 3GS stores 480p at? would imply that little more detail was being stored ( or that the encoder was a LOT better ) I'd hope for at least 8-10MBPS personally to retain any decent kind of quality.

edit: seems flip HD is about 9MBPS so I'd probably expect it to be right about there, higher still would really be preferable, but as a tradeoff it's probably generally OK.
 
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