The bigger question is why would anyone need/want to record 1080p on their phone?
Even if the processing power is there, the CCDs/lenses, as mentioned, are not. In the case of lenses, they never will be.
It seems a lot like phone cameras to me; creating a problem and inventing a bad solution. What's that, you say? Your 5MP photos aren't sharp enough? Well here, now you can take 10MP photos!
...meanwhile, a ten-year-old 5MP camera still looks infinitely superior. There are some things that simply cannot be scaled down to fit in your pocket. 'Pocket' HD video recorders are, IMO, as good as you're going to get, and they do it by using a much bigger lens or orienting it sideways...doubt we'll see that in a phone.