I have to agree with rjoudrey. I too noticed one tiny, blue dot only in the 720p recording mode. It did show up in the video, as minute as it was, it kind of annoyed me. Needless to say it was shot in a rather dim room. So I went outside and shot in plenty of light against both white and black backgrounds, and voila! No longer there.
I think people are just hearing HD video and forgetting the fact that this is a phone, and in all honesty, probably the best one one on the market. Its not the latest 3CCD, broadcast quality HDCam, you're going to go shoot your feature film on. Regardless, if you light your scenes properly, you'll more than likely pull some great results.