The Photo app only lets you trim the edges of a clip and export out by MMS, EMail, Mobile Me and YouTube (not desktop)
iMovie lets you piece together a series of photos and videos to make a movie, but the same export options as the photos app.
If you want to export full resolution photos and 720p video out from your phone and onto your Mac, I recommend you use the DropBox App and change the settings to allow you to export at the highest quality. Dropbox is free, but you only get 2 gb storage for your account, but you can upgrade to up to (I believe) 50gb storage.
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