I have to eat my words -- despite my belief before launch that an iPhone 4 wouldn't be hard to find without a preorder, I'm still waiting to get the chance to buy one. But I got to play with another one last night (that screen!), and just like every other time I've had a chance to use it, I've been very impressed by the back camera. Both stills and HD video look really amazing when taken with that thing. Here's another example: the Ducati motorcycle team filmed the entire commercial above on eight different iPhone 4s over a period of four days -- watching it in HD shows off just what this camera is capable of.
They did use the Owle Bubo, which explains some of the better shots a little bit. And you can also see that slight shudder so common to low-end HD cameras, especially when the camera pans quickly or tries to capture fast motion. But especially without color correction, the images still look terrific for a camera on your phone. The audio is great as well, but I'm not convinced they did that with only a phone. The final video was edited together in Adobe Premiere, just because "there were enough unknowns" without trying to use iMovie on iPhone for the first time.
Update: Looks like it's part of a contest -- if you've ever wanted to try and make a film and you've got an iPhone 4, get to it!
Thanks to Zenas and Jeff for sending this one in.