Autodesk has just taken the wraps off of a big update to its popular video sharing app Socialcam.

Developed in conjunction with Autodesk’s professional development video effects team, version 5.0 of the app is highlighted by the ability to shoot videos in 720p HD resolution.

While the increased resolution is definitely nice to see, it would probably be wise to wait until you are using a Wi-Fi network before uploading the larger videos.

The next biggest improvement in the update is HDR recording that should help improve the color and overall look of videos.

Finally, the app is also sporting completely redesigned visual effects and even a new app icon. Autodesk also announced that the app has tallied more than 20 million downloads.

Socialcam is designed for the iPhone/iPod touch but is compatible with the iPad. It can be downloaded free in the App Store now.

Originally launched in early 2011 by the same team responsible for Justin.tv, Sociacam quickly gained popularity in the App Store. In June 2012, Autodesk bought the app for $60 million in an effort to move even closer to the consumer video market.

Coincidentally, similar social video app Viddy also received a major update today. With version 2.0 of the app, users can record longer videos and take advantage of new video effects and soundtracks.