Actually the App is $2.99, but once you pay for the App then you can stream the full length Classic movies to your iOS device for no additional cost. MovieVault features over 1,000 movies and you can watch them over Wi-Fi or 3G. You can browse by genre, search keywords or by title/director and more. Most of these films came out before I was born, but it's cool to be able to see this content relatively for free. 

It works great

I had no problem streaming a movie the minute after I fired up the App. The playback was fine and even the quality was surprisingly good considering the source content and the fact that it's streaming. The developer claims to be adding content all the time. So if you're an Classic movie buff, this App was made for you. 

I'd like to see a "Favorites" feature in the next rev so that I can build a list of movies to watch when time permits.

You can get MovieVault ($2.99) for the iPhone/iPod touch here from the Movie

You can get MovieVault ($4.99) fro the iPad here from the Movie