took a video yesterday, and damn this thing take gorgeous videos on 720p! Don't mind the 1.7 million dollar car. (It's not mine)
I definitely agree it takes great hd video. I do believe the processor is just a bit too slow for any significant movement while filming as you see with that wavy effect on your film.
I did a test video shortly after getting the phone outdoors at comic con. I was panning really slow, but you can still see that anything faster would not have made a watchable video.
Im not much into the video side of it, but i wonder if overclocking or anything in 2.2 may help with the video while moving.
I noticed that you can't shake your hand around too much also, I think changing the video settings could help with the recording. It's REALLLLYYYYYYY crisp, especially when viewing the videos on your television via HMDI cable, but as mentioned something is missing in the camera...I hope it gets fixed in the update.
I'm not too much into the video side either, but it is a nice feature that needs to be perfected in my opinion. It wouldn't hurt