Which is why I'm certain the new iPhone software will include it.
Apple has to know someone else will do it eventually after the app store launches, so I'm sure they'll go ahead and put it into the default software. Compared to other apps I'm sure that getting the best battery life will be more complicated in video recording, and they probably trust themselves the most in getting that right.
I'm not so sure we will see a real recording app.
I don't know anything about developing, but when they showed the media APIs, it included audio recording, audio mixing, audio playback, and video playback (along with some others), but there was no mention of video recording.