Even better than the original
Nanoloop is easily my favorite music making app for the iPhone (and I use it on my iPad too). The bass is fantastic and being able to record and play with samples from your microphone is great. At first I was expecting this to be a chiptuney emulator of original Nanoloop for Gameboy, but its really a much more powerful synthesizer than that. The minimalist layout takes a little getting used to, but the help button is a great way to learn the apps navigation.
One of my favorite features of Nanoloop is the ability to Nanoloop song files to friends. Ive been mixing and trading songs with folks all over the world. There is also a great community on the Nanoloop forum and the developer has been constantly listening to feedback and improving the app.
Side note: Nanoloop for Gameboy and GBA are very similar to Nanoloop for iPhone. This is a great way to easily dip your toes into chip music. I still use the iPhone version for all of my compositions, then port them over to Nanoloop 2.6 for my GBA.
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nanoloop, v3.18