Just to add to some more background as to how these features could be used with popular services today.
Re-frame video in real time - (Instagram video is square. While I hate square Pictures and Video re-framing video is a neat feature for different aspect ratios like 4:3 and 1:1 for different platforms)
Extract Images from video in real time - (This is easy and allows you to shoot first and find great moments later. A must for creatives. Who has time to take pictures and shoot video on two different devices)
Auto create .gifs from video natively (Reddit, Vine, Instagram; enough said. People love .gifs. Check out Gizmodo's weekly .gif party for a good laugh)
Add music, filters, text, images and canned effects to video. (YouTube, Vimeo, Daily Motion RedBull or perhaps a new Video service )
3rd party API's for video manipulation (Let the Developers build an ecosystem of Apps based on features requested)
A native video Editor (We have Carl Zeiss Lenses and loss-less digital zoom for video recording. What sense does it make to not have a native way to edit the video before sharing it with friends and family)