Since the iPhone 3GS became available to people across the land, there has been no shortage of mobile video recording and sharing apps hitting the market. A week ago, Mashable’s Jennifer Van Grove highlighted three great ways to post video to Twitter from the iPhone 3GS. One interesting app that she mentioned was the Tweet Reel iPhone App.

Tweet Reel, as Jenn said, is meant to be the TwitPic of video, allowing you to record videos from the iPhone 3G S and post them to Twitter. Problem was, it wasn’t released yet. However, that all changed today, as the “TwitPic of video” launched its iPhone app [iTunes link] and website. And from what we’ve seen so far, it’s one solid application.

Built by Colin Tulloch, the same developer behind the Retweet iPhone App and ThreadedTweets, Tweet Reel lets you utilize the iPhone 3GS’s video capabilities to record, upload, and tweet out videos.

On top of the upload and tweeting capabilities, the service sports a simple but useful video interface that allows you to embed and share videos, like we’ve done below. In a lot of ways, it works like a simple version of YouTube, but YouTube doesn’t currently allow you to send custom tweets with your own commentary, while Tweet Reel lets you send whatever text you want with your video.

The applications of Tweet Reel are up to your imagination, but one that caught our eye – it was actually in action for the Michael Jackson memorial. Check out what @vanesbez recorded from inside the Staples Center via Tweet Reel:

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This is why we need a TwitPic for video, and in that regard, Tweet Reel performs admirably. One other interesting note: Colin has told us that he’d love to make his service available to 3rd party services like Tweetie, Seesmic Desktop, and TweetDeck. The cost of video, though, complicates the matter, but we are really hoping to see Tweet Reel in our favorite Twitter apps soon.

Reviews: Mashable, Michael Jackson, Seesmic Desktop, TweetDeck, Twitpic, Twitter, YouTube

Tags: iphone, iphone 3g s, Tweet Reel, twitter, video