I purchase the 1.0 as it seemed like a cool application. Unfortunately, I couldnt use it because there was a recording issue with the iPod Touch (2nd Gen). Thats been fixed with this release.
This release also added a metronome (that can be set via tapping or BPM) and a few samples that can be used as click tracks. Both great features that work well.
The only other thing Id like, personally (I use it to record my guitar playing with Apples new in-ear headphones), is the addition of an option to adjust microphone sensitivity.
Finally, because of all the things it does, this program can be a bit of a memory hog and recommends that I restart at times. Itd be great if the code could be made more efficient, but that might just be a hardware limitation.
All-in-all, great job guys!