It's kind of sad that we iPhone users get so excited about features that Apple should have included on the handset in the first place. On the other hand, it's amazing every time the iPhone developer community shows the world just what you can accomplish with some programming chops, some determination, and a few cases of your favorite energy drink.
Some folks calling themselves Monster and Friends have created Drunknbass (I didn't make that up), an iPhone app that records video in full resolution at up to 45 frames per second. Drunknbass is currently available as a stripped down beta which records video in full 2 megapixel resolution at 10fps, limited to five seconds at a time - Monster and Friends is working on a graphical interface and some other goodies for the final version of the app, and is looking for some developers to help with the visual aspects of the UI.
Kudos to Monster and Friends, but c'mon Apple - why are you holding out on us, still? If iPhone can handle video capture, shouldn't you just give it to your loyal fans already?
See Drunknbass in action courtesy of Gizmodo's video and check out the Beta version on Monster and Friends.