In its most basic form, Switcher Studio lets you record HD video from the built-in camera on your iDevice, which can either be recorded and edited, or streamed live directly to sites like YouTube, Ustream, and Twitch.
But, the magic happens when you enter Director Mode. This is when you disable video recording on your main mixing device (probably an iPad), and wirelessly connect up to 4 other iOS devices, all which can be used as video sources.
The pro version of this is 25 bucks a month. Hardware like tripods and such will probably be needed, but I think this is a really reasonable solution for a startup video solution that also gives a professional appearance.