Just saw a Google+ post linking to the announcement of this new YouTube Capture app for iOS. (Film and share videos instantly with YouTube Capture for iPhone and iPod touch) It is designed to allow you to quickly capture videos, add stabilization and color correction and then upload it to YouTube. Additionally, it also can send links to Google+, Facebook and Twitter announcing your upload.
I just did this quick test of the app. The lighting was a little low, but it is a Real World Example of how the app would work in general use.