organgrindermedia.com is hosting a phonecam video competition in October. Videos must be 3 minutes long and originate on a phone. External sound sources can be used, and multiple phones can be employed. No word on whether or not you can do any finishing effects on the footage in an editor, but if you can't it's a pretty gray area since they require you to upconvert the footage to SD- you have to submit your completed short as a DVD. Nokia has a similar competition going (originally it was just normal shorts shot with phones in mind as the final output, now it includes shorts actually shot on phones), but I may enter this one instead, since it seems less intimidating to me for some reason. I've been playing with an idea for a longer piece that would use both phone footage and SD footage cut together, and this may be a good starting point for the phonecam portion of it.
Again, this makes me think about the possibility of a video thing festival... maybe something that is just a compilation of our stuff on a DVD, rather than a laborious actual festival. Talk amongst yourselves.