A band called The Turnback nabbed a few iPhone 4Ses as quickly as they could, and scheduled a music video shoot right around launch, opting to be the first to fire off a music video using just the iPhone 4S and its new HD camera. As you can see below, it looks pretty good -- not quite as good as a full HD video, I think, but not bad. For a phone camera, it's great.
The video was even shot in the new 1080p mode, and was cut together on Final Cut Pro. As a proof of concept, at least, it works, and it shows that aside from all of the splashy news around Siri, the camera adds yet another nice feature to the latest and greatest iPhone.