Cyclone...but with a V

Imagine attending an event with a few friends. All of you have iPhones. You all take them out and fire up a free app called Vyclone. You all start shooting video of the event from different angles. All the footage together is gathered into one clip that switches between the cameras, in sync. You can later remix anyone's clip and use the raw footage to your heart's content. Finally, you can share the final version. Minor piece of trivia: one of the founders of Vyclone happens to be Sting's son. Yes, THAT Sting.