TimeShift makes it easy to create professional time-lapse videos for your iPhone 4 / 4th generation iPod touch and 3GS iPhones (up to 720p)

TimeShift can create HD time-lapse videos on your iPhone on the fly as well as add them to your camera roll for easy viewing.

Example video:
http://www.youtube.com/watch?v=3TLTmLgnT5U

TimeShift Features:
-Tap to focus (draggable icon on screen that specifies focus point)
-Tap for exposure (draggable icon on screen that adjust the exposure – drag over a light area to darken the image and over a lighter area to darken the image)
-up to 720p video
-Filters: Sepia, Black and white, Dark blue sky, Old times, low light, and invert colors
-Flash support (On, off, auto)
-Focus, and exposure can all be set to at the start of the video or continuously between shot
-Change the video bit rate (3/8/11/16 Mbits)
-Saves all videos to your camera roll
-Camera roll for viewing videos
-Screen auto dims after 2mins