When I got my Panasonic HDC-SD9, the smallest HD camcorder in the world upon its release, I felt pretty special. It could record in full 1080p and even had a 24p setting. It fits in the palm of my hand. Well, there’s a new mini-HD kid in town — and it’s a phone.

It was only a matter of time before somebody used Apple’s recently release iPhone 4 to shoot a film. The following is a shortened version of a documentary about the Pikes Peak International Hill Climb motorcycle race in Colorado. The full doc was shot on a variety of cameras, but this condensed version was shot entirely on the new iPhone 4. And what’s more impressive is that no effects or color correction were used.

It’s important to note that the iPhone 4 is not the smallest HD camera in the world and there are other phones out there with equivalent, and even better, specs. The point of this post is the illustrate the incredible changes sure to be coming in the film industry. Consumer devices will probably never match the quality and sophistication of professional rigs, but if a phone, a phone!, and shoot video like that, who knows what the future of cinema will look like. Enjoy: