iMovie on iPhone, coming in June

So as of now June 24th or whenever it is precisely that the new iPhone comes out, we'll likely be in a situation where two of the most popular, talked-about filmmaking tools will be non-traditional video cameras: the new 720p-shooting/cutting Apple Flip-smasher and the Canon 5d. I feel positively old fashioned, a dinosaur, an archaic wreck, stumbling about with my mammoth Canon XH-A1. I can't slip it into my pocket, I can't take the lens off and put a f/1.8 50mm on it and get kabonkers depth of field. What do I own a camcorder for again?