Ranges from pure crap to acceptable. Cycorder says iPhone maxes out at 15fps in ideal settings. That's fine for me. There's a pay video app that can do real-time compression (Cycorder is raw) and upload to YouTube, but Cycorder says those features are coming -- for free -- in the next few weeks. It's brilliant, for what it is.
Qik is cool. It's essentially a live-feed using your camera that people can log in and chat to. I haven't used it for anything but testing it out yet, and can't think of much of a reason I would want to use it otherwise, but hey, it's a cool idea.