From the maker of SoundMashine yesterday comes A-Delay:
A-Delay is a granular synthesis based delay processing unit, built with processing live audio input in mind. Live input coming into the iPhone or iPad either through the built-in microphone or through an input cable can be processed in real-time warping the sound either minimally or to the extreme.
Through the simple and clean interface audio can be pitch shifted, have feedback applied and of course delayed. Combinations of these settings can create surreal soundscapes from the most conventional of sounds. In Addition each of the effects levels can be automated allowing you to set parameter sweeps which playback automatically leaving you with the business of playing/sending in the audio input.
A-Delay is free.