The above video was shot on the Iphone 4s

The best digital video camera 10 years ago was probably a standard definition interlaced sony digibeta that would set you back $50,000.
Today a phone can shoot 1080p in 3D with solidstate recording, wireless digital publishing to youtube which has a global audience.
I need a smartphone anyway so in effect it costs me nothing.
If we've seen this much change in such little time and you believe in moores law of exponential computing power then what on earth are we gonna be using in another 10 years or even 5 or 3?
I don't think my real eyes are capable of seeing detail above well compressed 4k.

Shallow DOF can be added with letus type adapters.

So what is next from a technical point of view? or are camera phones the final destination?

By the way I've just sold my 550D

Depends on your market. For average consumers, camera phones will eventually do just about everything they could possibly want and more. For professionals, phones are too much of a rigging and ergonomics nightmare to really consider. Going through that display to access all of your functions is kind of a pain. Buttons are nice. Then again, people said the same thing when DSLRs became popular, so who knows?

Nice video, but I would never depend on an iPhone or an equivalent to film with for clients, unless of course they understand the medium. But that being said, I do love shooting with mine .

There will always be newer, more technologically advanced ways to tell stories. With 3D I think we're actually going back a little into the direction of the 'cinema of attractions'. People are paying a lot of money to see 3D. I guess, like we see it right now, professionals and semi-professionals will use these techniques until they are adapted into mainstream culture (like the iPhone). New technologies are always expensive at first. That's why people, who are willing to pay the buck will always be one step ahead and at the same time speed up the innovation process.

So your full name is 'Terra'?

Advancements in technology in the last 4 years have opened the flood gates to all who have passion for motion pictures. People who formerly thought it nearly impossible to be taken seriously, like myself.

Not everyone can afford an Epic, Alexa, F3, C300, FS100, or even a 5d/7D. But there are sub 1k cameras out there, and with a great story, and talented people, I believe you can make something worthwhile.

If that was shot entirely on a phone that is remarkable. The new iPad is going to take things even further I think. To be able to film (in 1080p), edit in iMovie, publish to Vimeo then watch it online on such a high resolution screen - all on the same portable device, opens up endless possibilities. These gadgets will never replace cinema cameras but I wonder how far we are away from seeing the first mainstream cinema movie shot entirely on a gadget like this, not that long ago it seemed far fetched that SLR cameras would be doing just this, so who knows.

For me it's not so much a matter of resolution. I agree that the average consumer will not notice. What I cannot get past is the rolling shutter. You did a good job overcoming it for the most part but smartphones and other small-chip cameras are very unforgiving to even touching the camera. How much additional gear were you using to achieve your shots?

Personally, I don't care how amazing the image looks coming from a phone. I can't get past the ergonomics... The inability to control DOF... Difficult control of manual settings... Etc. I agree it's a great option for consumers. I wouldn't buy a home video camera when I can get such great options from my iPhone. But for professional use... Just isn't going to happen for me...

I'm soo new this this world, I can't comment on the future of where things are heading... but this video knocked my socks off! Truly impressive. Could someone please tell me what was done to give the footage a "rustic" look? I love it. Thanks

Magic Bullet Looks.... got it.

Perhaps in the future, a corporate shoot will be done with the iPhone... nah, I don't think so.
Ridley Scott's next feature (the pre-prequel Alien, titled Alpha) will be shot on the iPhone too..., nah, I don't think so.

I'm astounded by the good quality that the Iphone produced. This is indeed a problem for the future of camera making, as the phone manufacturers will keep on pushing the limits that can be achieved by their devices. It seems to be a good compromise for people who are after medium quality shots on the go.

Also, I'm noticing s severe lack of palm handicams at events. Now all the cameras I see are DSLRs/phones/mirrorless. Barely any compacts or handicams.