If you're looking to record video using your iPhone you will need to jailbreak your phone. Not sure why there isn't any video recorders in the AppStore but there isn't. I have tried all the video recorders on iPhone and the recent Cycorder is absolutely the best! I have been using it as much as the camera and that gets heavy use. Today Cycorder received an update via Cydia and now has sound. If you need a recording solution I recommend CyCorder! Currently the app is free, but I'd pay for this app it's so good. 

The recorder shows iPhone drive space, allows video delete, and appears to be unlimited in recording time. I haven't hit any limits anyway. The only feature that would make this application perfect would be the ability to upload video content to YouTube, or better yet JumpCut,where you can actually edit your video as well as post video content.