Video on the iPhone? Not quite, but 12seconds.tv has an iPhone app that takes as valiant a stab as Apple permits. Here's the pitch:
The app let's you take 3 photos (or choose 3 photos from your library) and then record twelve seconds of audio. The photos and audio make a slideshow which outputs as a twelve second video to your 12seconds account. Here's an example or two of videos I've recorded using a trial version of the app. ... Apple refuses to let people record video with an iPhone. But 12seconds has created the next best thing with their slideshow appIt adds Ken Burns effects to the photos to enhance the illusion, and each video gets its own YouTube-like url on the 'net. It costs 99 cents and enters public beta today. 12seconds Thanks, David!