OK - Update to my early findings on this camera: Camera became increasingly difficult to use as the connection between phone (or phones - as I tried more than one) became very flaky and inconsistent. I upgarded the firmware but still no better.

I bought the TLC120 and the video output is pretty great. While it defaults to AVI, you can export it as MP4 as well from the app (I'm using the Android app). The UX for connecting to the camera isn't great.