The next edition of iOS looks to contain some very cool social media features. If 9to5Mac is correct, Facebook video uploading is coming right down the pike at us. They found a bunch of code in iOS 4 which points at that feature making it in to the OS by launch.
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480 pixels appears to be the maximum height or width of a video, and 30 FPS is the maximum framerate. This seems pretty cut and dry to me; video uploading for Facebook will be here very shortly. Life just got a little bit more convenient for iPhone users.