1. An in-vehicle video system comprising: a forward-looking video camera system including two independent image sensors and associated digital signal processors for processing imagery received from the respective independent image sensors; a microphone and a transmitter; a computing system for interfacing with the forward-looking video camera system configured to control the capture, storage and processing of video, still images and audio received from the transmitter and the forward-looking video camera system; and the computing system operable to control image capture including enabling the forward-looking video camera system in a plurality of modes, the computing system operable to command the forward-looking video camera system to transition to a first mode including commanding a first independent image sensor to capture high-resolution video imagery while a second independent image sensor of the two independent image sensors is capturing still images, and to transition to a second mode wherein the first independent image sensor captures and compresses video while the second independent image sensor analyzes objects in a field of view of the second independent image sensor and takes preprogrammed actions when objects are recognized in the field of view and/or other vehicle sensors provide input that match a predefined set of target situations.