I have just stumbled across a great new video App that really takes advantage of the camera on the new iPad/4s. Its called Blux Movie and allows you to capture HD video and add effects to it in real time.
The effects are pretty sweet and I can imagine there will be more coming.
Once you have captured your movie you can save it to your camera roll. This is awesome as you can go ahead and edit it in iMovie. I can imagine you can create something that looks fairly profession.
As well as saving to the camera roll you can upload to YouTube or Facebook. You can also transfer your video over WiFi.
It is free for a short period of time. If I was you I would download it now!
Have a look at the very quick video I captured using it.
mattbritland.com 