I was made aware of InfoXenter‘s recent released iPhone application called “TimeSqueeze”. It is a simple app; like any iPhone app should that focuses on performing one task and do it well, in this case the task is creating time-lapsed videos/photography on the iPhone 3G or 3GS running OS 3.1.2 or later. At the moment it does not support the iPod Touch.
On the Main screen you will find several controls in the toolbar at the bottom of the screen. The first icon will begin the recording of the video, before the second icon is a bar that controls digital zooming that is enabled during video recording. The second icon will bring up a Project List containing the recorded time-lapsed videos. Lastly is the Setting icon that brings up the speed up slider, which allows the adjustment of the amount the resulting time-lapsed video is sped up.