All we know for sure is that we're showing a big, fat "3.5G" logo in the upper left corner of our unit at the moment -- and we're going to cross our fingers that it stays that way.
That sensor can record 720p video, but if you want full-quality 1080p stuff you'll need to rely on the 8-megapixel rear-facing unit, situated in the top-left corner of the back and paired with a small LED flash.