Both the LG G5 and Samsung Galaxy S7 edge record 4K 2160p videos (yes, even the wide camera on the G5). Both record in MP4 format at 48Mbps.
While the S7 edge produced sharper photos, the LG G5 wins this category for videos. G5 videos don't have as much contrast, but the S7 again bumped up against the limits of its dynamic range.
Audio bitrate swings in favor of the Galaxy S7 edge, 256Kbps vs. 156Kbps. We think the LG G5 has the better mics, though, and that its videos sound better.
Both cameras have OIS, but neither managed to fully correct handshake even though we were standing still (there's a lot more shake when you walk). That said, the LG G5 managed to dampen vibrations more than the Galaxy S7 edge.
Here's a 4K video sample shot with the 135° camera on the LG G5. This camera loses hands-down to the main cam when it comes to photos, but for videos, the quality is much more similar. Obviously, wider FoV at the same resolution (2160p) equals less detail per pixel, but even then the quality is quite good. Remember, no OIS on this camera.
Both phones can shoot time lapse videos at 1080p. Here are a couple we shot while riding a cab.