Five stars for the capabilities, four for the fit and finish. It's a great tool, but not without a few rough edges. (See note about iPhone 4S compatibility).
[UPDATE on iPhone 4S compatibility: I've heard many reports of people having trouble with the AR-4i and the iPhone 4S; my own usage indicates that there is one quirk with this combo: the wireless signals on my phone go away while plugged into the AR-4i. Example recordings with various firmwares below:
Just found out about this new product through the YouTube grapevine:
The Fostex AR-4i is said to allow for multiple microphone input, and works with the iPhone 4's dock connector. It looks like a rather klunky device, meant more for handheld use than any existing tripod mount (unless the device has a tripod mount on it, which would be handy).
It also looks like there's a built-in level meter and headphone jack (hopefully with selectable input/output levels...). It comes with two rather robot-like mic arms, which might be nice for recording concerts. I'm presuming one would need to use a Fostex-provided app to record in stereo (I don't think Voice Memos of FiRe, for example, allow two-channel recording).