Of course it didn't take long for 3rd party App developers to figure out how to make a buck by allowing you to turn the iPhone 4's LED camera flash/video light into a Flashlight. It's even rumored that the first Apps to do this were not approved by Apple at first because of "misuse of hardware." Well I guess Apple conceded as long as the developer was willing to put up a warning that using their App for extended periods of time would drain the battery (duh!) Now I must also tell you that there is no magic here and technically you can already do this by firing up the Camera App and switching to Video mode and turning on the Video Light. There you go! You have a Flashlight on your iPhone 4. Why would you pay for another App that basically does the same thing? Ease of use, less taps and more features is why.

I've tested 3 of these Apps so far

My favorite of the bunch is Light-O-Matic. Light-O-Matic gives you a choice of a Strobe (not sure when I'd use that other than a party for 20 somethings), a Flashlight, this is very handy especially considering how much light the iPhone 4's LED puts out, and finally a Morse Code translator. Yep, you just key in the phrase you want to send and the App will translate it into Morse Code for you and flash the LED appropriately. As long as you have a Boy Scout from 60's in range of your signal, you're all set and help will be on the way. Or you could just dial 911, but that's just me. Oh I forgot! You fell in the well, there's no signal and Lassie isn't around :) The novelty of the strobe and "Safety Mode" wore off pretty quickly. However, since it's the same price as the other Apps I've tried and you do get those two additional features, it's my pick. 

You can get Light-O-Matic here from the Light-O-Matic

If you're looking for a simple no frills App that just works as a Flashlight (and strobe) with a single ON/OFF button, the check out the FREE (iAd supported) LED Light for iPhone 4 here from the LED