I just went to polar bears site and found this (the PC color correct software is still not available). If you are planning on downloading the video onto a PC, I recommend you try out the iPhone Video Recorder instead. You wont have to worry about the color being reversed on their videos:
Where are the recorded videos stored?
Videos are recorded to /var/root/Media/PBFVideo/ (/var/mobile/Media/PBFVideo on 1.1.3 phones) you can use SSH/SFTP to transfer videos on and off the iPhone.
Why is the colour incorrect when played back using QuickTime player?
This is because the iPhone captures the raw pixel colour components in the reverse order to that expected by QuickTime player. This means that the red and blue channels are reversed when playing back on your Mac or PC. You can download a tool which will correct this problem on the video you copy off your phone here:
ShowTimeCC (OS X Universal)
(PC Version coming soon)