If I had to choose, and this is what people like about video on DSLR, I would choose shallow depth of field, which implies a wide aperture for the lens. Whether the video is 30p or 24p pales besides the quality of the lens and and the aperture.
With a 5 megapixel camera it is possible to capture not only 720p but also 1080p (HD) and 4080p (4K). The device is solid state so only the internal bus is the limiting factor, aside from software support.
Why not at least be able to capture brief high res images?
Why not support high frame rates to facilitate slo-mo display?
This is an internal device and software limit, not a network limit, so "make it so."
Rocketman
Wonder what the frame rate will be at 720p...?
The 4G will be my first iPhone.
Now I'm probably not the first to think of this, but the mic that's in the pictures on the top of the iPhone 4 next to the 3.5mm port (and that was first mused to be for better noise cancellation during calls) might be for recording stereo audio while filming?
Hmm... a 720p camera seems far to 'current' for the iPhone. Normally they have cutting edge software but outdated hardware. Maybe this is BS or maybe Apple are upping their game now they have some real iPhone competitors out there.
HD video would be cool if they could get any decent quality in there, and I doubt apple would put HD in there unless they could brag about being good, or at least totally okay.
But I'm still holding out for an FM receiver! Wasn't that supposed to be in the radio chip anyways, but they just haven't enabled it? A transmitter too would be golden