BlipSnips is a company that has created a social video experience on the iPhone. The BlipSnips iPhone and iPod application [iTunes Link] lets you record video, add captions, and tag your Facebook friends. There is no limit on the video length either.
The BlipSnips app has easy-to-use gesture-based tagging and an upload queue. The tags also makes the video have searchable data. After downloading the app and connecting it to Facebook, you are asked to create a BlipSnip. You can create a BlipSnip either by recording a new video or choosing an existing video from your iOS device. The video is then compressed and gets added to the edit queue. After you are done editing the video, you can upload it to Facebook where your friends can watch it.
BlipSnips is based in Boulder, Colorado and they have received a seed investment from Chris Kelly, the former chief privacy officer of Facebook who attempted to run for the California Attorney General last year. Kelly is also an advisor on the company board of directors.