I saw this video and was simply impressed and felt I needed to share it. I haven't tried it, but it seems this could be easily adapted to the iPhone by using a hook sort of device (bent coat hanger?) instead of of a screw. Anyway, hope you find it useful... I'm definitely gonna try it!
Iphonian, you especially should appreciate this
This is especially important with the iPhone camera in low-light conditions, as the exposure time is very long without a flash. This should help a lot.