Guys, not sure if this has been done yet: I actually did get mp4 recording on the Pre via command line this evening. No GUI and the file is playable by VLC player (not Quicktime, possibly because I just killed the gstream with ctrl-x) but maybe someone can help me with that part.
At your rooted command line
(make sure FS is rw)
mount -o remount,rw /
gst-launch camsrc ! palmvideoencoder ! filesink location=/media/internal/downloads/foo.mp4
mount -o remount,ro /
Like I said, no GUI but other than that, not bad, right? Frame rate seemed pretty decent too. Note: there is no sound recording.
(edited to add attachment - brief vid with me making a ******** face)
(edit 2: sound)