There are many iPhone applications available, but so far, no one has come out with an official application that does video recording. To get that functionality, you must jailbreak the iPhone and install one of the unofficial video recorder apps, and some type of networking so you can transfer the video files back to your computer.

The main problem with jailbreaking the iphone is that it is no longer in a standard, supportable condition afterward, and so things may not work as expected. I found that my syncing setup was all messed up, and I was basically starting from square one in terms of settings. There are some things it still does not do well, like syncing to iPhoto. However, there are enough benefits to a jailbroken phone to try it out, and hopefully (haven't tried it yet!) it can be restored if it no longer seems worth all the effort.