The Yi Peng festival is a special event in Northern Thailand that occurs on the 12th full moon of every year. Coinciding with Loi Krathong (a festival celebrated throughout Thailand) it is observed by lighting sky lanterns and letting them float into the sky, resulting in what appears to be large flocks of giant jellyfish floating through the air.

There have been many fantastic videos and pictures that capture this event, but today's Video of the Day is especially stunning for one reason: it was completely shot on an iPhone 4S. Produced by Vimeo user Tada Archawong, it shows just how far a little color grading (with Magic Bullet Looks) and a great mobile camera can go.

So, adventurers; it may just be time to kiss your DSLR goodbye. If you've already said goodbye to traditional cameras in favor of mobile devices, we want to see what youv'e captured! Paste a link in the comments section below, or post pictures to our Flickr Pool - it could just be our next Photo/Video of the Day.