Seems like someone in Czech got there hands on an iPhone 4 and are test driven the HD 720p recording.

Video after the break.

Amazing! Thanks Alex for the video!

The Czech report warns that the plastic surrounding the glass back and front may be prone to minor scratches. It also informs us that the built-in GPS unit is fast, as is the rest of the device, equipped as it is with 512MB RAM.

I good invisibleSHIELD should protect you from those scratches, Get one free HERE