If you were disappointed that you can’t upload full 720p video from your iPhone 4 to YouTube without transferring it to a computer first, then check out the latest update to the free app Pixelpipe.

While there has been some speculation over whether app developers would be able to access the full-resolution videos for sharing, commenters were quick to assure us there was no reason to worry. Pixelpipe claims that it will share your edited mobile masterpiece in all its splendor not only with YouTube but also to Flickr, Facebook, MobileMe, Viddler, Posterous and a bunch of other video-capable sites (as well email and FTP) for videos up to 200MB.

The update to 2.01 is also quick to add iOS 4.0 multitasking for background uploading and should continue to serve as a semi-ubiquitous multi-tool for getting our videos (and pictures) uploaded almost anywhere you want them to go. We mentioned Pixelpipe previously around the time of the 3GS launch last year; it seems to have come a long way since then.

It is worth noting that some users seem to be experiencing some instability with the app that will hopefully get ironed out quickly. If you are having trouble with it, keep your eyes peeled for other developers to follow up with alternatives now that we know 720p uploading is possible.

Update: Reader Aaron notes that SmugShot is also 720p-upload enabled.