These people seem to take their job REALLY seriously. Listen to this: ‘a completely adjustable and quick releasable handgrip system for shooting professional, stable video using the iPhone 3GS’.
My guess would be that if you are serious about your videos you would invest in a serious camera. But hey, what do I know.
Do watch the video. It is hilarious. Angulation ability? Yeah, bring it on! Oh wait, $ 295,-. Are you serious!?!?!?!?