Don't know if it's possible to get better results, here some guys on XDA:
http://forum.xda-developers.com/show....php?t=2656010
are getting a stable 30 fps 720p recording after updating some memory parameters like this:

#define MSM_FB_SIZE 0x200000
#define MSM_PMEM_SF_SIZE 0x800000
#define MSM_PMEM_CAMERA_SIZE 0xBE0000
#define MSM_PMEM_ADSP_SIZE 0x1F80000

Do Maemo kernel has something similar, so we can increase them too and get a higher 720p recording quality/fps? Just thinking..