A hallmark of modern filmmaking is the use of multiple cameras to capture various viewpoints, then editing those viewpoints to create a seamless flow of images and sound. Now there's a new iPhone app called Vyclone (free) that lets a group of budding filmmakers film the same event from different points of view and then edit those POVs into a coherent movie.
From what I've seen in several demo videos including the video by Robert Scoble below, the result is magic. The workflow is quite simple: a group of people capture an event in the Vyclone app, and then they upload their footage to Vyclone's servers, where it is processed into a default edit. None of them have to start their cameras at exactly the same time, as the syncing is done by Vyclone. (That's in contrast to the prosumer-grade CollabraCam multiple-POV recording app, which doesn't auto-sync video but does allow the "director" to wirelessly cue the remote camera operators.)
If the automatic edit isn't what you want, it's easy to use the Vyclone app to switch between camera angles by tapping on thumbnails to create a new edit. You don't need to upload your video immediately for processing, which is perfect for those situations when you're in an area without wireless service.
The app is iPhone-only right now, but an iPad version is in the works as well. Videos can be shared with Facebook and Twitter or saved to your Photo Library for posterity.