The movie below was filmed and edited entirely on the iPhone 4!
Putting aside the fact that I find the quality of the video much better than the Flip camera, the ability to edit the entire movie directly on the iPhone with the iMovie app puts it ahead of the competition. I am not just talking about editing here, but I am also talking about uploading the edited movie to any social media channel you choose from the iPhone!
Part of my work responsibilities is to film and edit tutorial training videos that we then share on our social media channels. An ordinary filming day would look like this: meeting with the staff that participate in the video, filming a few scenes, and then filming some backup scenes just in case. After all this is over, I go back to my office and spend hours (sometimes days, depending with the type of video we are trying to make) to transfer all the information on my Mac and then edit it. A tedious long process.
Having the iMovie app on the iPhone does not necessary save you time on editing, but it does give you the option of editing on the spot, and making sure the scene you have just filmed works well with the many features iMovie offers. I can tell you from my experience that it is a big plus. The iPhone 4 has many more features that it offers, but this specific feature was the biggest seller for me.
Now all I have to do is to wait until it is no longer backordered. :)