The husband and wife duo behind the innovative Khush Intelligent Media Solutions has come up with a $3 app for the iPhone, iTouch, and iPad. This impressive application employs the use of "reverse karaoke." Basically what that means is that you sing into the iPhone's microphone, and the app records your voice. Then, it employs some interesting algorithms and adds some harmonic and rhythmic qualities to the a Capella to create a backing track that aligns perfectly with the vocals. Of course, it also corrects the pitch for those of us who are not so musically talented, so even the most heinous singing can turn into something bearable.
While this app may not make the employment of music producers a thing of the past, it is definitely worth checking out for the average citizen. As the CTO of Khush - Parag Chordia - mentions, this application can be very useful to record a nice Happy Birthday cover for a friend.
Here's a video showing the capabilities of the novelty: