Wirelessly posted (iPhone 3G (white): Mozilla/5.0 (iPhone; U; CPU iPhone OS 3_0 like Mac OS X; en-us) AppleWebKit/528.18 (KHTML, like Gecko) Version/4.0 Mobile/7A341 Safari/528.16)
What do you want to bet they're going to tout functional integration as a Snow Leopard feature?
iPhoto has always treated cell phone originated video this way. You can import these clips into iMovie to edit. Additionally you can watch the in iPhoto, at least the latest version.