Tech geeks, iphone hackers and photo/video companies alike have all been working on ways to turn your iphone camera into a DSLR camera. You should see some of the crazy mash up contraptions some of these folks have come up with using duct tape and borrowed lenses! Finally OWLE has come up with this version which doesn't just attach to the top of your iphone like some earlier prototypes but rather, it encases the whole phone. I think this is a more secure way to add a DSLR lens to your iphone, especially if you'll be carrying it around in a bag of some sort. The image pictured above uses the OWLE Bubo iphone mount with a Canon EF lens. It also gives you the feeling of a handheld camera and allows for the use of a tripod. It's not meant to replace a real audio/video device. It won't magically turn you into a professional photographer and your pictures are not of the highest quality but it does allow you to use your iphone in another useful way, especially if you're already carrying your iphone and don't want to carry heavy additional gear. I think it costs about $119.
Take it for what it is.