I want a really nice video camera, that can either save to any kind of attached media in one of several codecs, with a no-brainer upload-to-cloud-service function, or stream out live on http. It would be really cool if the streaming part of the app would be able to adapt the bitrate dynamically to available bandwidth (with a warning about quality if your bandwidth drops too low). (This should also be integrated into the video chat function, so you can have a two-way video conference with nice clear video.)

I dream of a video tool that will change the face of journalism / blogging forever.