I shot some videos and made sure the storage location is on the SD card.
I navigate my phone from my Windows 7 desktop and ca locate the "DCIM" folder but there is no "camera" folder. Instead, there is a .thumbnails folder with jpg files, which look like the first frames of my videos.
I downloaded them (they're all a couple hundred thousand bytes each), and indeed they are just images (fair quality only).
I can play and watch those videos from my Bionic in "my library" but simply do not understand why I only have thumbnails when navigating the phone from my PC.