Some of my favorite iPhone apps are as follows:

• CNN – live streaming video of breaking news, the most important headlines of the day with location-based news, weather and traffic from the palm of your hands. With the NEW CNN App for the iPhone and iPod Touch, you can also iReport directly from your phone using the phone’s advanced photo and video capabilities.
• Where - allows you to quickly launch a mobile experience that puts the people, places and things you look for at your fingertips while on the go. (You can even see who’s tweeting near you, their tweet, profile and location). Local content available through WHERE includes everything from the weather, news, and restaurant reviews, to the closest coffee shop, cheapest gas, traffic updates, movie show times and more. WHERE also helps you reach your destination with easy to use maps and directions. 
• PhoneFlix – Netflix app for ordering movies
• Kindle - read books on your iPhone (some are even free) you can also download the accompanment of Amazon to search for books to add to your Kindle app)
• Yelp – A dining wiki that is populated by other users including ratings, you can even take photos of the menu and the restaurant right from your phone and instantly rate food, ambiance, service etc. The combination of local reviews and mobile is significant because Yelp now allows consumers to post reviews as they are eating, drinking or visiting a business.
• Livestrong – This app isn’t free and is $2.99 but is completely worth it! It’s so simple to use and integrates fully with the online interface at livestrong.com! It allows you to track food/caloric intake, exercise and weight tracking.
• Traffic.com - Real-time, color-coded traffic flow moving maps that can be panned or zoomed to quickly view area traffic congestion or set to GPS mode to move along with you. Incident data includes accidents, construction, events, weather and congestion. MyTraffic personalized drives are synced with the traffic.com website to allow you to create customized routes. View top traffic hotspots in your city or browse through the list of all nearby roads and road segments to drill down to the locations that matter the most
• Free Wifi Finder - lets you know the closest WIFI spots with milage and directions there

Do you have any APPS that you recommend???