My coworker went to GoogleI/O and got a Galaxy Tab 10.1. With an Android app that meets that description. I cannot take another loom or get it's name over the weekend, though.
It also had a feature that automatically saved the grams of a video that had a face wit a smile.
Tried it just now and it is merely a "technology demo" rather than a proper app. Having played with it for 20 minutes I wasn't able to make a single image that was worth saving, but still it was a buck well spent.
It captures a video wihle you move the Iphone camera and combines it into an image that looks like it was captured with a big aperture.
I don't have an Iphone and have never seen this app in real live, though.