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...
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]