Movies normally DO have exif tags that Apple and Adobe look at correctly, while VLC does not. See that for yourself with iPhone 4S video files you make with four possible orientations of the iPhone 4S home button.
This situations is explained on the web page:
impulseadventure.com/photo/exif-orientation.html
I have put 4 file, each taken with a different position of the home button of the iPhone 4S into DropBox.
http://dl.dropbox.com/u/7584570/IMG_0061.MOV.zip
http://dl.dropbox.com/u/7584570/IMG_0062.MOV.zip
http://dl.dropbox.com/u/7584570/IMG_0063.MOV.zip
http://dl.dropbox.com/u/7584570/IMG_0064.MOV.zip
In DropBox is one zipped archive IMG_0064.mov, with a posit note showing the iPhone4 orientation, which shows right side up with Apple QuickTime Player but shows upside down with VLC because VLC does not look at these exif flags. The file looks right side up in the thumbnail.
0061 and 0062 are rotated 90 degrees, one clockwise, the other counterclockwise by VLC
0063 is shown by VLC correctly
Most high end video cameras certainly have exif tags, So does the iPhone 4S