Be very careful if you're planning on rooting your Nexus One (or any phone, for that matter), to install this 720p video hack. If you know what you're doing, please proceed...
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You'll need a rooted Nexus One running CyanogenMod CM5.0.8test3 at least, and while there's no support for Froyo just yet (not a big problem, considering Google hasn't rolled Froyo out onto all N1s yet), they'll be adding support fairly soon we hear.
Below is the first video demonstrating the quality of a Nexus One shooting 720p - though make sure you turn the resolution up to 720p to experience the full power of the hack. [XDA Developers via AndroidPolice]