Seattle's always quirky The Presidents of the United States of America make the first phonecam music video for their most recent hit song "Some Postman."
Apparently 12 phones were positioned at different angles to capture video of the band performing (at half speed to accomodate the poor recording quality). I think the phone model that's being used is the Sony Ericsson K750 with 2 megapixel camera. After capture, the video was transferred over Bluetooth to a Mac for editing. The music for the video was obviously recorded at a much higher quality than a phone could have captured.
Good stuff, definitely worth the 3 1/2 minutes it takes to watch and forward on to your geek friends.