The new app, released today, uses photographic algorithms that tie in with the iPhone's own gyroscope to stabilize videos as you take them. The result is cool time lapse footage like you see above. Currently an Android version is in the work as well.
A video was recently released of a man on a Seattle metro bus fighting back against a gunman who was robbing everyone of their cell phones. Immersed in his own phone, it wasn't until the gunman flashed the weapon in his face that he jumped into action, taking the gun from his hands and tackling him to the floor.