I need to play a video that is not black and white. I need to play it as black and white in the iphone. We can do this. If so, how to do it.
Unfortunately, it looks like MPMoviePlayerController gives you the ability to customize such a feature, so I would say that this is not possible now with build in film.
Using the Right Blend Mode and paint a white rectangle (or black) over the video view can accomplish what you want.
http://developer.apple.com/iphone/library/documentation/GraphicsImaging/Conceptual/drawingwithquartz2d/drawingwithquartz2d.pdf