Blurb has just announced Blurb Mobile for iPhone, which is a way to create stories by easily capturing and sequencing photos and videos into short visual stories that can be instantly shared and viewed by all.
The app is available on the App Store. It's basic version is free, while a version with more bells and whistles is for $1.99. It's also compatible with iPads, so with iPad2, it'll be possible to take photographs (albeit at low resolution) directly and create stories on the fly. Or use photos saved in one's photo library. It'll record ambient sound and video clips as well.
Is it for photojournalists and the like...probably not, but for people who wish to quickly create short visual stories.
I'm sure that this may be of use to photographers who like the Hipstamatic and Instagram apps for their iPhones.