There were a few things that Apple left out of the iPhone that really made iPhone users wonder what Apple was thinking. Like 3G connectivity the first time around, GPS capability and full fledged Bluetooth. Another thing the iPhone was lacking to go along with its camera was the ability to record video. DreamCatcher has fixed the lack of video recording for the iPhone with its iPhone Video Recorder.

The application allows the iPhone to record video and sound in compressed MPEG4 format. An hour long video in the format will require only 60MB of storage. The application can’t muster full motion 30 fps video and makes due with 15 fps. The application encodes the video at the end of a recording session and the encoding can be paused if needed.

You can record on-the-fly but the frame rate is said to suffer. The makers say they will update the application as the firmware is updated and the 3G iPhone is introduced. The iPhone Video Recorder works on firmware 1.1.x, 1.2.x and 2.0. A trial version is available for free that can record up to 30 seconds of video. The full version of the application retails for $19.95.

Via DreamCatcher