I'm involved with a research project at the Interactive Institute / Mobile life, where they are making a VJ app for VJing with live video streams from cellphone cameras over HSPA ("Turbo 3G"). The application is still in an early phase but I've been trying it out and will do a demo of the program in about a week.
One really nice feature they have is their capture & loop editor. The app saves a few seconds of live video in a buffer so that when you see something you like in the live stream, you hit "rec" and it will record starting a few seconds back in time, so that you won't miss the start of what's just happening. When your caputure is done, you can trim the start and the end of the clip and save it as a loop.
I haven't seen this functionality in either audio or video applications. I think this capture & loop thing (with the recording starting back in time) would be really nice to have in Modul8 and it would give the video capture function new purpose. It would also be great if the new clip was saved as a new member in the media bank.