Well...its hard to say what to do since the actual specs for the new iPhone aren't out yet, although plenty of rumors including video recording.
Some food for thought, There are a fair number of people here who have cancelled their iPhone or Smartphone (Android, etc) and just went to a "dumb" basic phone, after buying an iPad as they felt the iPad covered most of their "smartphone" needs, and could do more (larger screen, iPad-only apps, etc).
No one knows what 2nd gen of the iPad will bring. But 1st gen iPad isn't like first gen iPhone, the situation is different as the iPhone was brand new platform with limited apps. The iPad even though 1st gen, is a mature product as it is an evolution of the years of iPhone and iPod Touch experience.