This is the kind of innovation that the iPad has spawned...you'll be hearing a lot about this app by tomorrow.
An Android version is also forthcoming. According to 9to5Mac, Apple put Tapose through hell to get this approved. It's a wonder creators didn't just give up and go with the Android version instead.
Also, there will be a Web version.
What's interesting is who helped fund this app. Oh, the irony...
Source: Tapose, a lot more at 9to5Mac.