Cinematic Film from an iPhone?

Philip Bloom and Deltree are collaborating on making a cinematic film using only iPhone 4's.  Here is the trailer for the film, on Vimeo:

[Vimeo: 12866065]

I am glad that a person of Philip's stature in the HD film world is taking on such a project as it will show the world what can be done with such a simple piece of technology.  Mind you, I have no doubt that attached to the iPhone will be some expensive kit - I know only too well having spent a considerable sum kitting out my Canons 5DMk2 and 7D to turn them into excellent movie cameras.  I forsee another secondary market springing up very soon with gizmos that you can attach to your iPhone which no doubt will make the cost of the phone pale into insignificance :).