Flip or Phone Cam Better For Video?

I had an opportunity to play with an iPhone 4 for a week and I loved it. And I'm loving the fact that the recent rash of mobile devices are capable of shooting decent 720p video. Of course, most of them are still outdone in terms of quality by the Flip HD which I had an opportunity to spend a lot of time with recently.

So, which is better? Well, here goes. It depends.