Reporter Ed Curran - who works for a CBC affiliate in Chicago - is at CES and he's doing all his video shooting and editing on his iPhone with the help of the OWLE (previously covered here and here on iPHone Life by me). While an iPhone is no substitute for a professional video rig, when it's equipped with the OWLE (for improved stabilization, ability to add external mics/lenses/lights), video from it is 'good enough' for TV, and of course, more than good enough for the web.
The OWLE (Optical Widget For Life Enhancement) Bubo is a hefty aluminum holder for the iPhone. The sturdy grip allows me to get a better grasp on my iPhone for steadier shots when shooting photos or video. On the front is a wide angle lens that enhances the iPhone's images and gathers a little more light. There's also a small microphone that helps pickup sound more efficiently than the iPhone's built-in mic that faces the wrong way for shooting video and there are numerous options for mounting aditional accessories. I've even equipped my OWLE with a special hand-built adapter that lets me use my good old wireless microphone and I've also mounted an inexpensive LED light on the top. It's funny, I've covered CES with $100,000 in equipment and now I'm following it with my cell phone!