I'm no Apple fan by any stretch of the imagination (I have an Android phone, use PC's, and edit with Vegas), but I think you'll admit this short video that was shot and edited on the new iPhone isn't too shabby:
http://vimeo.com/12819723Short film shot and edited on iPhone[/link]
At the end of the video it shows a "making of" and some of the equipment they used to get the shots of the trains, thought it was interesting at least.