TUAW points us to another great iPhone app called TimeLapse ($.99 iTunes Link) that uses your iPhone camera to take a picture every few second and stores them in your iPhoto library.  Then yo ucan put it all together in a movie making application like Quicktime or iMovie.  Nice work!  More videos below.

http://vimeo.com/moogaloop.swf?clip_id=2932665&server=vimeo.com&show_title=1&show_byline=1&show_portrait=0&color=&fullscreen=1

From the developer:

TimeLapse is an iPhone app that automates the operation of the iPhone’s camera to help create time lapse photo sequences. TimeLapse stores the photos in the iPhone photo library so you can easily download them to your computer and create a movie using applications such as Apple QuickTime Pro, Windows Movie Maker or ffmpeg.  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!)