This is what we came up with:
This process was obviously not ideal for daily classroom use, but we did it and surprisingly it worked. Keep in mind this was on iOS5.
This workflow process has been streamlined immensely with the release of Google Drive. Now the entire writing process, including feedback (in the body of the paper and with inserted comments) can take place within a Google Document in the Google Drive app.
Part of what we also explored was the ability to use Explain Everything to provide teacher and peer feedback on each other's writing...thus the purpose of the post. Examine the images below and notice how much easier the process is now. The integration between Explain Everything & Google Drive along with the "open in" feature finally appearing in Google Drive makes video feedback a helpful and entirely painless process.
Video Feedback in iOS5:
Video Feedback in iOS6 & 7 before Google Drive had the "open in" button:
Video Feedback in iOS7 with the "open in" button in Google Drive: