Yes, you too can create your own iPhone App...for $500,000. That's what the folks who created Instagram, a photography App for the iPhone are doing. Using $500,000 in seed money (according to their own FAQ) they have created Instagram. With Instagram, you can create some interesting effects and then put the image online. Not the best effects and not the best online interface, I may add. It looks like you can do wonders if you know the right investors. Incidently, you'll find that such prominent Twitter folks as Jack Dorsey (@jack) use Instagram to show their pictures on Twitter.
So if you happen to have an extra $500,000 around, please let me know. I've got some ideas of my own for an App.