I would imagine there will be several apps that will take advantage of the very bright LED light on the iPhone 4. I think this is somewhat funny because I was just talking with my programmer today about something like this, but these guys are way ahead of me and it looks like they have already submitted it.

I think this is significant because the LED on the iPhone 4 light is very bright- enough to possibly even use for a very soft fill for photography in the right circumstances, absolutely better than nothing and much more than just illuminating the screen with white. If someone could figure out how to overcrank the output on something like an iPAD, you could possibly have a way to use it as a light Panel.