After recording video - stuck on "Saving Video"

I just got an iPhone 4 a few hours ago. Whenever I try to record a video it seems to work fine. But once I try to watch it, it says "Saving Video" and it won't do anything else until I press the home button to get out of it. I have let it sit for five minutes thinking that maybe it's processing something, but it just goes and goes.

Anyone else have this issue?