VIDEO: iPhone 4 short film shows us what iMovie app can do

While the idea of a video camera on a mobile phone isn't new, the idea of editing said video footage on a camera is.

In steps "Apple of My Eye" a short movie purportedly shot and edited entirely on an iPhone 4 (in 48 hours).

Michael Koerbel, the man behind the short film, clearly thinks that the new handset is up to the task.

What do you think? And how long do you think it will be 'till camera phones are filming the next Blair Witch Project?