Video Genius allows you to record video on your 3g and 1st generation iPhone.
Easily record and review your latest video through the simple, clear interface. Now you don't need to upgrade to a new iPhone to have video recording capability.
Two recording modes included. Regular mode which records a short video of 40-60 seconds at the high rate of 10 frames a second and long mode which records videos but at a slower rate of 4 frames per second.
It's currently free for a limited time.