Robin Good: Vyclone is a new free iPhone app which allows you to include and remix your own video footage with the ones of your friends recording the same event.
Vyclone synchronizes and edits everyone's clips to create one movie with all the angles cut together. The good thing is that you get the raw footage too. "So if you like, you can remix it to make your own director's cut."
Mashable writes in its review: "...the app lets two or more users create a collaborative video with others who are also shooting an iPhone video in physical proximity to them even if you’re not friends with or even aware the other people are shooting a video. The result is an almost instant multi-angle video of an event that you’ll swear was created by a professional video editor."
Download app (free): http://itunes.apple.com/gb/app/vyclone/id521680614?mt=8
More info: http://www.vyclone.com/