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With the addition of a 720p HD camera and the iMovie video editing app, the iPhone 4  is a mobile-video powerhouse. But HD video creates large files and the iPhone 4 tops out at just 32GB of storage, so the question is: how much video can you record on the iPhone 4?

The answer comes in two parts: video size and storage.

Video size
For the sake of this article, I’ll assume you’re shooting video at the highest-quality HD settings the iPhone 4 offers. In that case, a 1-hour video will take up about 4.73 GB of storage space on the iPhone.

Storage
Knowing that 1 hour of video take up 4.73 GB of storage doesn’t quite tell you how much video the iPhone 4 can hold. That will be determined in part by what else you have loaded on the phone.

Since most users will have some apps and some music, in addition to the OS, let’s assume that the average user will have at least 10 GB of content already on the phone. In that case, the iPhone 4 can hold the following amount of video:

16 GB model – 1 hour
32 GB model – 4 hours

The iPhone Dev Team on Wednesday released the latest hack that allows a jailbroken iPhone 4 to be unlocked and used on any wireless carrier.

The unlock solution is called “ultrasn0w,” and works with the latest version of Apple’s smartphone, as well as iPhone 3G and iPhone 3GS.

But to use it requires an iPhone that’s been jailbroken. The same group released a jailbreak program for the iPhone 4 over the weekend by exploiting a security hole in the mobile version of the Safari browser. That jailbreak brought attention to the fact that navigating to a certain site via any iOS device can present the exploit as a simple PDF link, which requires no explicit user action short of clicking a link. It can then launch an exploit that takes advantage of the way the PDF viewer loads fonts, which could enable a program to have unrestricted access to the device. Apple says it is looking into the problem.

Jailbreaking an iPhone is still considered by Apple as a quick way to void the warranty since the act breaks the user agreement. But legally, it’s now allowed. Last week the U.S. Copyright Office amended the Digital Millennium Copyright Act to allow consumers to bypass a handset manufacturer’s protection mechanisms to allow “handsets to execute software applications.”

But while handset owners are explicitly allowed to jailbreak their own phones, the Copyright Office did not appear to extend that to allow third parties to supply jailbreaking software in order to switch carriers.

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