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I have found an app that allows iPhone to act as a capture card if you have a steady hand or rest iPhone on something for still recording, especially with the iPhone 4 which records in 720p HD! The name of the app is: Reeldirector it costs something like £3 or if you have your iPhone jail broken (like me

) you get it for freeeeee!!
It has a lot of slide transitions for you to chose from aswell as trimming and splitting clips and stuff. (like a mini Sony Vegas, but much cheaper

)
Ive tested it out and it is great, definitely worth the money.
So if you have £3 to spare i suggest checking it out!
If you already own this app, leave a comment and let me know what you think of it.