OK, So i'm bumping an old post, Thank you search button.  This is clearly a problem with apple products because if you google the issue, you have endless pages of people having all the same symptoms with iphones, ipads, i touch.  No sound when recording video, speaker phone doesn't work but voice memo does.   Hear sound no problem when using headphones with built in mic.  
I am having this issue.  AT first I thought it was a bad mic2.  (mic on top of phone)  But when I replaced it, still have same issue.  Tried cleaning out hole, no result.  
ANYONE know a solution to this issue.  I'm not sure if upgrading to IOS6 did this.  All you hear is hissing, static type sound.