I'm not too well versed in the technicalities, but my guess is that
it's a limitation of most cameras' ability to write the data to the
flash/SD memory in real-time. Maybe the camera stores the video
data in a temporary buffer which is filled by the end of 30
seconds, at which point it writes to the memory card.
As such, I don't think a firmware would be able to overcome the
30sec limitation? Just my guess, I'd love to hear what others think.
This explanation sounds essentially correct to me. It also explains
why other digital cameras that create movies with different resolutions
have different recording lengths. For example, the Canon S330 can
take movies with 640x480, 320x240 and 160x120 pixels, with
maximum lengths of 4, 10 or 30 seconds respectively.
It is interesting, however, that the EX-M2 can stream a certain amount
of data to flash/SD memory in real time. Recently I recorded my students'
speeches, and had a file that was over 10MB -- well over the size of
the buffer, I would suppose, since the still photos I take are about 1MB.
I seem to recall a cheap digital camera which overall had much worse
features and resolution than the Exilim cameras, but was able to
take videos of unlimited length (probably of fairly poor resolution).
I certainly hope for longer video lengths in the Exilims to come,
though I'm overall satisfied with what mine can do today.