Hipstamatic is hands-down my favorite iPhone app of the moment. I bought it to satisfy my lomo cravings until I get my hands on a Diana F+ lomography camera.
Hipstamatic takes great lomo effect photos. It comes with 3 virtual lenses, flashes, and even different types of film. You can post photos to Facebook, Flickr, email, or even order prints right from the app. Instant gratification of seeing the photos within seconds + the $1.99 price = me loving it. For $0.99 they offer even more effects.
The negative: On my iPhone 4 it tends to crash. It’s also a little bit slow to start up, so if you don’t have it ready you might miss the shot.
Below are some photos I took this weekend using just the effects that come with the app.