The Olloclip addresses three shortcomings that otherwise might prevent you from using your iPhone as your everyday camera. The Olloclip is a slip on lens kit that includes a fisheye lens, a macro lens, and a wide angle lens. Combined with the iPhone's native lens, it's hard to imagine any scenario that you wouldn't have the right lens for, and because it slips on so easily, you can probably get the shot faster than someone with a traditional SLR.
The Olloclip slides on in one of two orientations, to have two different lenses, but to get that third lens, you screw on the wide angle lens. Two lens caps are included along with a microfiber drawstring pouch which you can use to clean the lenses.
I was actually able to use the old iPhone 4 model of the Olloclip on my iPhone 5, because the iPhone 5 is slimmer, but I had to hold the Olloclip in place. With a version specific for the iPhone 5, you don't have those concerns.
Next, with iOS 6 and the iPhone 5, Apple has introduced a neat new Panorama feature to the built in camera app. Combine that with the Olloclip fisheye lens for some very cool panorama shots, which Olloclip calls Panorame 360 Plus.
Finally, the Olloclip is built well, and in California, so that's nice to hear. The Olloclip is available in black, white, or red and you can see sample images at www.Olloclip.com.