Flare for the iPhone is an interesting app for video hobbyists, notable for the technical wizardry on display. It can shoot video with a quasi-HDR effect and do it in real time. It isn't easy to apply filtering effects on the fly, and that's just what Flare does.
Flare is not shooting real HDR. You're not acquiring concurrent video streams of multiple exposures. What you are getting is some extreme filtering, sharpening and contrast expansion that gives you a hyper-saturated picture. Some will love the effect. Others might just scratch their heads.
The app gives you some switchable settings to determine how extreme the processing is. You can lock white bala