This video, updated on YouTube on October 16, 2011, serves as a comparison between the Canon S90 point & shoot camera, the iPhone 4S smart phone, and the Canon T2i DSLR camera.  It is rather impressive how well the iPhone 4S does compared to the Canon T2i.  With proper color correction and proper lighting, you can definitely take great videos from this smart phone.  You can also see how far along the iPhone has come when you compare it to the Canon S90 point & shoot, which was Canon’s most advanced point & shoot at the time.

Description from YouTube:

This is a comparison of the Canon S90, the iPhone 4S, and the Canon T2i. Note that the S90 captures in 480p, which explains why it’s pretty nice at 480p, but fails at full screen 1080p.