Display Recorder lets record your iPhone display activity and save videos as .avi files you can publish to Youtube within the app or browse from your desktop browser using the built in web server. The app is very complete and full of options: you can setup custom activation gestures, enable OpenGL capture, choose video quality and orientation, enable taps and adjust the framerate. You can setup all these preferences from the Display Recorder tab in Settings.app.

What’s New in Display Recorder v1.2.0
Avi files record
Youtube videos uploading at your iDevices
On iPad, Live view support
H.264 recording support on iPhone and iPad having firmware iOs 4.3
Framerate adjustable
Display record in real times
Fixed bugs