Sparked my curiosity too-
HD from Vimeo was great when the shots were very still and full lighting. Low light was extremely grainy, so much that it was what I would say not viewable. Most of the pans and push pulls ( caused frame to frame updating that the iphone just is incapable of processing )were failing in full video frame rate at times dropping to 4-6 FPS.
All the above is an evaluation of the equipment- iPhone, for HD not the shooting, editing, or story. Shot in HD on the iphone but displayed in small screen SD is where this shines. IMO, iPhone is nowhere near even home video quality for HD.
I used a computer to do the display the HD Vimeo file. I may try to use a PS3 later for evaluation on a different platform.