Until now, the only way you could record videos on your iPhone 2G or 3G was to jailbreak it and use Cycorder. For some reason, Apple didn’t deem necessary adding video recording to the 2G or 3G, even though this isn’t a hardware issue, but simply a software one.

This week, Apple finally approved the first video recording app in the App Store. The application is called iVideoCamera and can record videos at a whopping 3 fps… According to MacNN:

Users will be limited to one-minute segments at 3 frames per second, while the resolution is just 160×213. The developer, Laan, claims the next update will bring improvements to the frame rate, resolution, and clip length.

Just like the video camera of the iPhone 3GS, iVideoCamera allows you to save your videos directly to your camera roll and share them on FaceBook, YouTube, Vimeo or Twitter.

iVideoCamera [iTunes Link] is available from the App Store for $0.99.