The world has been waiting for video recording capabilities to come to the Palm Pre for some time now. Although the capability has not been released by Palm, thanks to a Homebrew app called Precorder, you can not record video on your Palm Pre.

The Precorder app is in alpha stage right now so it's far from perfect. There is no video preview while you're recording for example. However, this app does show promise.

You can get much more information at the Precorder Wiki link below.