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iVideoCamera ($0.99, iTunes link) is the first official app that will let you record video on a non-3GS iPhone. While this functionality was previously available on jailbroken phones, this is the first time it’s been available for legal download (ie, in the App Store). However, there’s a big drawback: only 3 frames per second, though the devs are working on improving it.

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While the addition of video recording should be welcome to owners of the first-gen iPhone and iPhone 3G, it’s not a perfect solution, as videos are limited to around 1-minute and the videos have low resolution (160×213). An example of its quality can be seen below:

From the official app description:

*We are working on an update to improve frame rate and quality*

The iVideoCamera lets your record a short video on any phone. Now you don’t need a 3GS to record and share videos with your friends and family. Works with any 2G or 3G phone with 3.1 OS installed and includes:

Ability to save to your camera roll or “Photos” and share via:
- FaceBook
-

YouTube
- Vimeo
- Twitter and more coming soon

Now you dont need to be jealous of your 3GS friends – you can now shoot and share video and dont need to spend all that money (in these economic times)

NOTE: Requires OS 3.1 so if you dont have it upgrade now.

** LIMITATIONS **
- The iPhone can only capture about 3 frames per second
- Videos are limited to about 1 minute in length
- Resolution is low: 160×213

** IF YOU HAVE A 3GS YOU DON’T NEED THIS APP **
You already have a video recorder!

Follow us on twitter @laanlabs and keep and eye out for the update with even more features