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iPhone 4 Records Video

Look out Flip! While watching some live coverage of Apple's WWDC Conference, Steve Jobs mentions that the camera on the iPhone 4 can now record video ! Here are the specs so far:
  • full 720p at 30 frames per second
  • tap to focus
  • built-in video editing for trimming your clips on the phone (iMovie)
  • LED flash
  • One touch sharing
Some really exciting news for video content producers since you can now shoot high quality videos, edit them, and share them all from one device ! There isn't anything on the market that can compete with this combination of features. My question: Will the iPhone 4 work with external mics plugged into the device ? If that's the case. I'm dropping my current cell phone provider AND Flip video camera. :) No wonder AT&T got rid of their unlimited data plan. Online video could really bring their network to its knees (or further to its knees)