This short HD commercial for the Ducati Multistrada motorcycle was shot using nothing but iPhone 4s. It looks great.
The Pikes Peak International Hill Climb is basically a race to the top of a mountain up a mixture or twisty roads and dirt. It's one of the most exciting and challenging races in the world of motorsports and shooting it is a challenge usually involving helicopters. The crew shooting for Ducati manages to capture "156 Turns" of the race, interviews, and on-bike camera using multiple iPhone 4s and their built-in HD video cameras, which shoot in 720p at 30fps.
From the description, the producers say they used stabilization in post-production to produce the effect of using a real camera and it's relatively seamless.