iVideoCamera has been updated and now offers enough improvements to make it a worthy purchase-

Real-time encoding in standard mode – basically unlimited recording time and no wait for video to render (well it takes a sec to make thumbnail).

320×427 resolution in HI-RES mode – this will let you record about 30-40 seconds and takes a bit to render, but if you have just rebooted your phone you can get about a min of time.

Improved fps to about 10 frames every second in standard mode only (HI-Res mode is lower). This will be better in upcoming updates.

Integrated video library – everytime you shoot a video its automatically saved to app library (you can still export video to your camera roll).

Additional share features to twitter(yfrog), flickr, 12seconds and WiFi (via ftp) along with the standard YouTube, Facebook and Vimeo- the ftp is great as you can transfer all your videos off your camera without going through iTunes/iPhoto.