CollabraCam links video from multiple iPhones and feeds them into another iPhone that controls live, multi-cam editing.
ad-hoc Wi-Fi network [It requires a wireless LAN, but not an internet connection] to get all the phones networked, the idea behind CollabraCam is that minimal—if any at all—post-production is necessary. However, if your backyard wrestling masterpiece requires the services of a more intensive video editor, it will let you export your video project file. The app is $6 and available now. [CollabraCam via iTunes]