The iPhone is a popular toy (oh how my friends hate when I use that term) these days, and it’s easy to see why. With the huge variety of applications, features, games, and other software being developed for the iPhone, there’s too much to do on it and not enough time to get to it all. With that in mind, why don’t we walk through one of the more interesting features the iPhone has to offer: recording video.

First things first, you’re gonna need the software to give you the ability to record videos. One of the best applications available to you is the iPhone Video Recorder developed by Dreamcatcher. This software allows you to record audio and video in a compressed mpeg4 format so you can save space. How much? A 60 minute high quality recording can be as small as 60 megabytes according to the site, no small feat. It also helps your video recording performance, with a frame rate up to fifteen frames per second. Once your video is recorded, you can save it to your iphone, PC, or even upload it to youtube or e-mail it to friends as you see fit.

So, let’s say you’ve downloaded the recorder software and you’re ready to get started. After installation just restart the phone and open up the Video Recorder icon (should look like a small camera), that’ll launch the recorder application for you, and bring up a list of videos that you’ve already recorded. You’ll notice a small “recording” button at the bottom, so when you know what you want to record, just hit it and it’ll start capturing your video.

In terms of what format you’ll be recording in, you have a whole slew of options. You can change file formats, bitrates to adjust size and quality, and other options via the setting button. There’s a variety of pre-set video modes to choose from, from best performance to “on the fly” recording which has a lower frame rate setting.

Once you’re finished, you have a couple immediate options for your video. You can play it back for your review, share it with friends, get rid of it, etc.

Dreamcatcher is currently in the process of updating the software to work more fluently on the iPhone 3g, and there’s also no limit to the length you can consecutively record for. If your iPhone has the space for it, then it can continue to record indefinitely. If you have any other questions, there’s a frequently asked question section of their site here. They also offer free tech support if run into any trouble, and all upgrades to the software are also free. So what are you waiting for? Get out there and start recording movies on your iPhone!