I've recommended the video recording tool FiLMiC Pro (AppStore link) in several of my articles (see for example THIS). It allows for a lot of tricks not possible with the stock Camera app - without jailbreaking.
The just-released, 3.0.0 update has added a lot of goodies originally introduced in the successor, FiLMiC Pro 2; among other things, support for the 16:9 screen of the iPhone 5 / iPod touch 5. FiLMiC Pro 2, after receiving pretty bad reviews (mostly because of crashing and the generic inability - caused by API changes affecting all 30+ fps video recorders, also pointed out by me HERE - to record with more than 30 fps under iOS 6 on the iPhone 4S / 5), will be (at least for some time) will soon be removed from the AppStore (see the recently-added announcement at the top of the app's description). That is, for the time being, you shouldn't in any way purchase FiLMiC Pro 2. Stay with FiLMiC Pro!
A shot of the now-16:9-friendly interface running on my iPhone 5:
(click for the original version!)
Unfortunately, the other, for iPhone 4S users still on iOS 5.x (but NOT for iOS 6!), highly recommended (see THIS) title, SloPro (AppStore link), doesn't have a sale of its In-App Purchase Pro upgrade. (Neither does the other, not-that-recommended, similar title, Better Camcorder).
If you're interested in gaming, you definitely should check out at least the first five posts HERE. (Note that the last post also links to non-games; it links to some top freebies like PDF Expert (professional PDF documents reader) by Readdle, Smart Office 2 by PicSel and TumbleOn.) A gold-mine.