Apple has released an update to GarageBand for iOS that now enables it to run on iPhones and iPod touch devices.
I've played with it on the iPad and it's a lot of fun and very intuitive to use. The iPhone screen seems a bit small to be able to play around with it like that but you can't beat the portability of having a multi-track recorder in your pocket.
GarageBand for iOS is now a universal app so if you bought it on the iPad you should be able to update and get the iPhone version for free.
Via loopinsight.com