No, most video cameras use hardware to capture video and compress it and save the video files. The software controls the hardware.
Cycorder, iPhone Video Recorder, Qik, and Ustream literally just take screenshots of the screen as fast as they can. Like holding the home button and pressing the sleep/wake button over and over, then compiling them into a video.
It's completely different.
The method by which the video is captured is irrelevant. All video works under the premise that frames are captured and replayed. The end result is much the same, although obviously the jailbreak method can't reach 30fps, or so I would think.