Well it didn't take long for this to happen. Somebody has already shot and edited a short little movie on the new iPhone 4. "Apple of My Eye" directed by USC film student Michael Koerbel might be the first short film shot with the newest version of the iPhone. Obviously Michael has access to some nice equipment, and more importantly, knows how to use it.
The iPhone does an amazing job, considering that it is a fixed lens phone after all. It does seem to have some difficulty in maintaining the highlights and often resorts to just blowing them out. But then again, other "real" video cameras often do the same thing. All in all, a very impressive debut of a short film shot and edited entirely on a cell phone.
Los Angeles residents might recognize the location as Allied Model Trains in Culver City.