Took a couple of shots with the iPhone 4 camera. The shots are pretty decent for a camera phone, but you’re still going to want a decent point-and-shoot for travelling and such (your requirements may be different – the point-and-shoot I’m using is a Panasonic LX3).

Pros:

• Pretty sensitive sensor for not-too-shabby low light photography
• An LED flash at last!
• 720p (1280×720 pixels) video recording at 30fps. Pretty sweet. There is some jiggling but that is to be expected.

Cons:

• It’s very noisy. It may be because the camera app turns up the ISO to higher than what I would like – I prefer to adjust aperture / shutter timing before hitting the ISO if possible. It’s very noticeable in low light shots. Of course they look fantastic on your iPhone screen – they just look grainy and noisy on your computer.
• There is a weird white-out issue when bright lights face the camera. The glare will wash away all the colours and the picture you take will be varying degrees of unusable.

Other comments:

• There is some heavy post processing going on, making colours “pop” more. Some of you will like it, some of you will hate it.
• I didn’t get a chance to test iMovie for the iPhone. Soon as I can get my hands on an iTunes card I will.

Sample shots after the break. [Edit: added a night shot]

Outside Burlington Square. Note the slight whiteout at the top.

It does a decent macro up to about 4-5cm.

Photos look OK zoomed out...

...but it's actually quite noisy close up (not the best example, I know)

In a bit of an unfair comparison, here is the iPhone 4 up against a Panasonic Lumix LX3:

Panasonic Lumix LX3: what noise? (click image to enlarge)

iPhone 4: noisy noise noise (click image to enlarge)

Edit: here’s a night shot I just took.

The pool at night (click image to enlarge)