Forget about editing and recording movies, I have a nice camcorder that will do that. I'd just like to be able make phone calls without them dropping and see landline-like speed like we saw in Apple's commercials when the iPhone 3G was introduced. Although I'm a Mac fanboi, I've had enough of AT&T's lousy service and will be selling my iPhone and going back to Verizon this month. First and foremost, I need a reliable *phone*.
Or rather, as you point out, you first and foremost want a reliable network...
Apple so far, seems to have brought features to customers, that the customers actually use regularly - I'd imagine it would be interesting to see video recording usage on current phones, then compare this to the 2010 J.D. Power Customer Satisfaction data.
By making basic applications and features easy to use and providing functionality in a thin, lightweight device, Apple has performed well in exceeding customer expectations.
For the 2008 business set- the largest key factor for satisfaction was ease of operation just ahead of OS.
Even if video isn't all that - a bump on the sensor will bring the possibility to have decent barcode recognition implementation - bringing a whole new swathe of app possibilities.
How many people have their camcorder, or digital camera with them, in their pocket/bag? That's the utility of having the option on a phone -It's not going to take up any more room for that feature on your phone.
Turning DJ Steve's post on its head - if they're indicating the feature in the OS - it's a potential indication of the minimum capabilities of the next phone.