Pause/Resume Camcorder Feature?

That would make for some very strange videos, without a transition of some sort between scenes...

If you're wanting multiple video segments in one file, I think a more likely solution for you would be to find a video editor where you can merge videos together.

 

Using iMovie from your iPhone is a good way to stitch together videos. You can use transitions or leve them to jump between clips. It's not too expensive, and it works well for making an on the fly video. If you're very patient you can even make some pretty killer videos- but it's much easier to do from your computer. In short, no you can't pause/resume at this point.