More and more people are editing video on their phones. If it could take 1080p and process it and upload to youtube over 4g that could be sweet.
thats what vzw wants you to do too! that way, the fees for the overages from uploading all that video can pay for their new stuff!
while i do record video on my phone, if im doing a project where there will be real editing involved, i get a real camera and desktop edit it. theres no way you could easily keep track of 20+ tracks over a multitude of minutes on a small phone interface. neat toy feature, not a reality-based tool.
when i had my old omnia, the still camera was much better than my regular point n shoot so i was able to leave my camera at home. but, when it came to editing a photo beyond the basics, i still went to photoshop on my laptop for it. now, my droidX camera is so crappy, i still use it, but take my camera if i know i want decent pics. since i do this, i end up not using the 720p droidX video camera anyway, and editing the SD video from my regular camera.