You wanted a video test from the LG Optimus G, you're getting a video test from the LG Optimus G. We're here in Seoul, South Korea -- home of LG, no less -- to give this guy a go. By default, the video camera shoots at 720p, but you can ratcheted it up to 1080p if you so desire.
As you can see, video quality is decent enough. And as you can hear, some wind noise got through, but the audio's still fairly coherent, insofar as the sound quality is concerned. (The same can't be said for this weary traveler, unfortunately.)
The video side of the camera app is plenty functional if not exactly stylish. The buttons are all where you'd expect, and they're nice and large. You've also got some real-time effects you can apply, including funky faces and funky backgrounds. Apparently it's a big thing with the kids.