The Rectools site has this to say about the app:
Rectools is a next generation handheld audio production studio which makes fully use of the iPhone / iPodTouch interface. It let’s you not just create but edit and process music and sound directly with your fingertip.We are currently developing a multi track version of rectools that we plan to release in may 2009. We are also planning to make synthesizers, a drum machine, effects and much more in the near future.
I've also heard from YUDO that the multi-track versions should be out this month. There'll be two flavours, an 8 and a 16 track version.
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