This comes by way of Dan Fellini from The Unofficial Apple Weblog (TUAW) (thanks to Vanessa) and claims to be the world's first music video shot entirely on an iPhone.
It was produced by GOSHone a computer nerd and "mad scientist with computers, gadgets, and musical equipment and stuff," who Dan Fellini says, "used his jailbroken iPhone and a copy of Cycorder to produce what I can only describe as a little slice of wonderful. I can't verify with any certainty that this is, in fact, the "world's first," but I'm going to go with it." (more...)
Aside from any criticism you might have about the originality of the song or his rapping abilities it is an impressive example of creativity using a popular mobile device that was not designed with any native video apps.