"Apple of My Eye"
iPhone 4 film - "Apple of My Eye" from Michael Koerbel on Vimeo.
A Short film and documentary shot, AND edited entirely on the iPhone 4.
Look at the crisp quality in most of these shots.
Showing the power of todays mini cameras, but is that all you'll need?
In a documentary by Fstoppers.com they discuss this topic.
Photoshoot with an iphone
This documentary and fashion shoot was made to demonstrate that high quality pictures can be made with just an iphone as a camera.
Although you will need high quality lighting for the footage to look as good as this.