The built-in video library browser does not work unless location services are turned on. Why? There doesnt seem to be any legitimate reason for this.
Also, a previous version crashed and left files on my phone that were unreadable (and undeletable) by iPhoto. I had to use Image Capture to remove them. I just installed an update so perhaps thats been fixed.
VidMonkey about Precorder: Video Camera for Unforgettable Moments