also:
having a lo cut bypass like amplitube uses on the headphone jack input and internal mic would be hugely useful. theyre either bypassing the lo cut because apple lets them and its a software internal or hardware bypassable internal, or else theyre introducing a lo cut compensator (booster), which would also be easy to add in the fx section or globally for that matter. ive ab/d you and them and theres definitely a lo boost on the internal mic and the internal headset line in. unfortunately they dont let ANY dock device connect into their software, so i cant use any of my hi end mics and apogee line ins, i cant even plug in my MILI battery pack without them cutting off all sound input

right now only amplitube offers properly eq'ed/balanced i/o and amp models, and proper sounding delay and chorus and reverb.
i hope you get these 3 processes and mabe an amp sim or 2 in your fx section (btw eq and compressor sound good!) i know delay with modulation is extremely simple to lprogram, would cover flange/chorus and delay at once as modulation on long delays is beauty too and no one else offers that at all on iphone nor in garage band...
that integration into your unit directly would make it a finished inspiring tracking environment, and we can still take it home and upolad to mix and master in out fav daw later! (tho i can see being proud of mastering it and releasing it straight from the device!)