Auto-Tune App for iPhone?

I use Auto-Tune in the studio all the time (well, when I have to) for correcting vocal pitch, and sometimes as an effect, ala artists like T-Pain. Usually, you'll find Auto-Tune only in recording studios. Now Smule, the company responsible for such iPhone apps as Leaf Trombone and Ocarina, bring you "I Am T-Pain" for iPhone.
The idea? You rap into the iPhone, and it applies the Auto-Tune effect to your voice. Check it out. They have some demo videos that are pretty cool.

I Am T-Pain is HERE

Introducing the first iPhone app to give you Auto-Tune in the palm of your hand. You can sing along to T-Pain's hits or create your own. You can record and share your genius with the world. You'll never look at your iPhone the same way again.

What will they come up with next?
I have to admit, as un-hip as it probably makes me, I don't yet own an iPhone. I'm pretty happy with my Blackberry, and hey - I've got like, eight months left on my contract. No way am I paying full fare for one. Still, with all these cool apps, it gets harder and harder for a gadget freak like me to resist.