Possible to record in 720p on 3rd gen iPad?

one of peeves iphone 4s record in 1080p. if ever want record random things in 1080p , prefer smaller file sizes of 720p. 1 of big things i'm thinking of getting ipad video. our camcorder has pretty given , tired of dv tapes, thinking of ipad purpose. lot of friends love ipad 2 video... , wondering capabilities. if not available natively, there 3rd party apps allow down rez recording?

 

bump... know answer this?

 

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