StudioTrack is a pretty slick multitrack recorder for iPhone/iPad and makes a great scratchpad audio recording tool. Track bouncing, effects, and mixdown features are very intuitive and allow a user to focus on the recording and not get bogged down in the interface.
I sat down for an hour with my dobro last week and recorded this short piece for Gabriel and Lydia called Transcontinental Lullaby. I uploaded the track to Soundcloud and embedded above. Soundcloud is an audio streaming service allowing users to host, share, and stream audio. It also allows for text commenting along an audio track.