32GB
I can't wait to shoot HD video. It wasn't long ago I got a miniDV camcorder and the optics in this iPhone will already kick all existing corders in my household. I didn't see buying a new camcorder when this phone will do such more especially low light sensitivity and it'll always be on my hip ready to record any situation. Lugging a camcorder on my hip is no fun.

The only weakness will be in recording audio.. I assume the iP4 only has one mic so no stereo. I wonder if the headphone Jack is configured to input binaural mics... That'd be something..