It let you use your iPhone or iPad to make a GIF from a YouTube video. (With a hard limit of 7 seconds at most.)
Browse to the video you want, then hold the button to record as it plays. The options for setting the speed/looping work exactly like our camera app Giffish, so you can see all but the YouTube recording part in that app.
A nice cool icon too.
And of course we made a couple GIFs to show off how it worked...browse to your video & tap the Record button.
Then hold the red button to record.
We thought it would fall into the same Fair Use area that YouTube itself fits. But Apple said that YouTube would say "No" so it was rejected. Sorry Internets!
Interested? Maybe I'll sell the source code or something so you could put it on your own devices...