I was given this Helicopter for christmas and have had about 5 flights with it so far, the Helicopter itself is great, well built and capable (if you can control it).
I am using with an iphone 4S (have followed all the special setup required for the new IOS software) and I find a touch screen/motion sensor is a very poor way to control the helicopter.
The helicopter itself is made to an identical design to the Symos S107G (that I also own). The S107G comes with it's own transmitter, costs £10 less and is 10 X easier to control because you have precise control of the joysticks.
With the touch screen on an iPhone I cannot get precise control of the joystick and there is no physical feedback, also the throttle control does not default to shutdown when you release, you must slide it to zero. This increases the number of crashes with the motor still spinning and I am sure will shorten the life of the helicopter.
If you want to impress friends with an iphone gadget this may tick the box. If, on the other hand, you want a great flying helicopter that you can really control I would recommend the Symos S107G.
On alternate charges I have been flying the S107G and the Lightspeed. I can fly the S107G around the room under tables and land it on a saucer or in the palm of my hand with ease. With the lightspeed I am still struggling to hover and land again without smashing into the walls, iPhone for RC model controller; It is not the future!