Best music app Ive found for the iPhone
DopplerPad is a synthesizer pad (similar to a Korg Kaossilator if you know what that is) combined with simple sequencing and even sampling. The 2.0 update includes a synth editor/creator, effects that can be applied to any other sound, and an effects editor/creator. Before the 2.0 update it was merely great. Now its awesome. Its pretty powerful and a lot of fun. You can sample with the microphone and play any part of the sample with your finger. Theres wifi sync, so you can easily bring loops onto your computer and drop them into GarageBand or any other music program (like Reason). Theres even program sharing. I havent tried it, but reading the description it sounds like it works well and is very powerful.
Wish list for future updates:
-True sequencing, and note sequencing (I wanna make the Mario theme!)
-The ability to clear individual instruments, instead of the entire loop
-Better volume control and mixing of sounds within loops
IsaacV about
DopplerPad