Engadget reports -- based on the tear-downs we've seen -- that the iPhone 3G S' ARM Cortex A8 processor is capable of a wee bit more than Apple has thus far enabled.

Currently running at 600MHz, it actually supports a top clock speed of 833MHz and here are the kickers: 720p video recording and real-time video conferencing.

We'll likely not see the clock speed ramped up for power-saving reasons, nor the video conferencing due to the lack of front-facing camera. But the 720p video recording?

Apple, flip the switch!