Nexus one has the qualcomm chip 8250 which has 720p recording built in. They will probably release software update later. They have their hands full of trying to get the nexus one to stay on 3g instead of rolling out the 720p recording. Us verizon people need the qualcomm 8650 chip in a phone for this.
Actually it only says it has 720p playback builtinn, not recording.
They are probably focusing on other, more important parts of the software before they add this new feature. While it may sound easy to add 720p recording to the phone, it definitively isn't.
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