Long videos on the iPhone end up being huge files (60MB) or larger. I just played with my Canon Viixia HFR800's settings and set my camcorder to record in the web/email format and a 40 second video is only 19MB! Unless I am mistaken using the built in iPhone settings one cannot get a 40 second iPhone video to be 19MB set on the lowest setting.
I am not making commercials, Youtube videos, or doing anything but storing memories and sometimes sharing them so no need for the high res settings. If anyone has a solution please reply. The web/Email format is only available on my Camcorder and not on my Powershot snapshot camera.