I don't have an iPhone. But I do appreciate its features. And I do like the idea of this iPhone application.
It was "developed" by someone called Armin Heinrich and it costs a thousand dollars and it does nothing. Or to be more precise, it does nothing except display a little red ruby icon that "reminds you (and others when you show it to them) that you were able to afford this"
Classic. The application is called "I am rich" although some would call it "I am something else"
Unfortunately Marginal Revolution reports that "it has since been removed from the App Store".
I agree with Kottke that this removal is odd. Anyway, before you laugh at the people who bought it, take a look at the designer label that is so prominent on your shirt or handbag ...