9to5Mac site just wrote about a new, great iPhone app called TimeLapse that uses your iPhone camera to take photo sequences and then edit them in a movie making application. Since TimeLapse stores the photos in the iPhone library, so you can download them to your computer and put it all together in  Quicktime or iMovie.

The developer said:

TimeLapse is flexible enough to be used for time lapse photography, as a single shot delay timer and even as an ad-hoc surveillance camera (finally catch the person at work who keeps taking your lunch!)

Click here to view the embedded video.

You can download this cool app from iTunes for $.99.

[via 9to5Mac]