As eager iPhone developers delve into the iPhone OS 4.0 beta, there are some interesting potential features being uncovered. Recent finds suggest that iPhone developers and development studios have discovered that the iPhone 4G/HD device will almost definitely contain 720p HD video recording functionality.

The new iPhone OS 4.0 SDK (software development kit) contains two presets for capturing video footage (640 x 480 and 1280 x 720). This represents a change when compared with previous iteration’s of the iPhone OS SDK. This comes as no genuine surprise following from reports of Gizmodo’s iPhone coup, as the iPhone 4G hardware contains a bigger and more powerful camera. This is likely to provide iPhone users with a 5-megapixel camera.

With the increase and demand for web based HD video, largely driven by sites such as YouTube, the new iPhone 4G would provide a means for users to simply record footage in 720p HD and submit it directly to YouTube. There are a number of rumours currently circulating that the iPhone 4G will in fact be called the iPhone HD.

This would represent a serious blow to competing handheld video camera manufacturers including the Cisco Flip Cam abd Sony’s ‘Bloggie’. There are some other interesting features worth noting in the iPhone OS 4.0 beta including support for file sharing, a media player widget for controlling the iPod and an orientation lock via the multitasking interface.

All these features look interesting and it would be good to see them included in the iPhone 4G hardware when it is finally announced by Steve Jobs…