No. Despite the Washington Post's provocative headline, Apple's no more "secretly working on an iPhone camcorder" now than they were "secretly working on an iPhone camera" in 2006.
Technology advances. Early digital cameras had very low resolution, now they're in the double-digits for megapixels. When VGA cameras were no longer of any value as stand-alone products, they were integrated into cellphones. Now 2, 3.5, 5 megapixel, and even higher resolution optics are becoming likewise obsolete as anything but integrated options, and so are finding their way into the iPhone, Nokia, or SonyEricsson devices.
Those same camera kits have been used by other smartphones to shoot video for a while now. And as the low-end, highly-pocketable stand-alone devices like the Flip turn their sights to HD, the older, lower-resolution technologies get integrated away.
It's likely Apple will provide video shooting, editing, and sharing in the next generation iPhone (we've seen lots of screen shots to confirm that), and fans of the iPhone, low-end camcorders, convergence devices will no doubt celebrate. Others will keep their 1080p units handy...
At least until 2011 when Apple and RED announce their partnership to produce the iPhone 4K (2160p)... on Verizon...
(Joking!)
