I was able to play the video for 6 hours and 30 minutes on my iPhone after the full charge yesterday. I stopped the video about five minutes after I receive the 10% low battery warning because I didn't want to run it to low. Here is the stat:
Usage: 7 hours 49 minuts
Standby: 21 hours
Video: 6 hours and 30 minutes (total time based on the six mp4 videos)
I didn't make or receive phone calls, check emails or surf the web. The ATT signal was at full with auto brightness on, but WIFI off, with occasional Yahoo push emails. I can comfortably say that Apple's claim of upto 7 hours of video is pretty close based on my own testing. Who knows how long I could keep the video going after the 10% low battery warning...
By the way, I notice something quite strange about the battery warning. After I got the 15% low battery warning, in less than 3 minutes I received the 10% low battery warning again. How could it drop 5% of battery in less than 3 minutes??? This was kinda odd.