Knocking Video is rubbish.
There is no sound, no sort of interface once the video starts, and the video itself is very jerky. I guess one good thing is the 'push' stuff, so people can start the video without you being in the app.
It has less features than Qik, which has been on 'broken iphones for a while now (and on other makes of phone that actually allow you control on the software you install)
App developers need to be let loose on this video API, so it can be integrated into better apps, like palringo etc. Oh, and a forward facing camera please apple, so it works with Skype. Then i might stop moaning how my 3 year old SE could do more than my latest/greatest iphone.