Decent for rough ideas, has some problems
This app is good for making very rough multi-track "notes" - rough sketches that will help you to remember ideas. The major problem is the gaping latency on overdubs, which takes this app down from a potential five star to a (generous) three. The latency probably in the range of 2.5-3ms. Its good if you want to jot some ideas down so you dont forget them, but by no means is it useful for creating working demos.
I use the iPhone earbud/mic combo to monitor tracks while overdubbing.
Oatslope about
Multi Track Song Recorder, v3.0.5