Apple has been adamant and provided a video recording application. Moreover they have blocked any thirdparty developer from providing video recording application at the app store.
Several of us espacially ones with young kids deeply miss it. There are always those precious moments where we don’t have our camcorder and want to capture them. A Video Recorder inside the phone is perfect solution. Welcome to the world of Jail Broken iPhone. In all there are two video recording applications. The first is iPhone Video Recorder which is free to try but costs $19.95 to buy. The other is Cycorder from Saurik which is free to use and completely ad supported. Both of them can do 15fps. But there is significant difference in quality. iPhone video recorder uses much lossier compression and this shows up in recordings. I use Cycorder and am very happy with it. Here is an example video. Even though effects of 15fps is very visible, as you can see this is pretty good quality.
To install Cycorder, jailbreak your iPhone and launch Cydia. Search for Cycorder and install it. The tricky part is getting videos out of the iPhone. In order to transfer the videos of the iPhone, I use iPhone browser. This application allows you to browse iPhone file system and backup data. Use the browser to get the data from /var/mobile/Media/Videos.
Happy recording!