I think it also depends on what you want to use the video for. If you just want to keep it on your phone then just a phone is fine. If you plan on doing editing and manipulating the video I prefer using a dedicated camcorder. I have an HD one that does really well. I keep trying to get a new 4K camcorder, not because I necessarily want to watch it in 4K, but it would allow me to zoom on while editing w/o losing quality. So far my wife has not bought into this concept.
In addition, for our trip videos we use pictures and video from any other source we can get a hold of. This includes photopass pics, phones, cameras. We also can use the ride videos from 7DMT and TT that you get with photopass. The beauty of today's home editing software is the ability to easily bring in many diff media types into one final product
In any event if you would like to see what "highlight" videos we've created for our Disney trips you can check them out on the links on my signature below. The ones for both 2014 and 2016 are the ones I think turned out the best. But obviously to our family each is special to keep our memories for a long time to come. Enjoy.