The mount's grip improves the stability of the phone thereby reducing camera shake. It also includes a 37mm camcorder lens and a front facing Monster microphone which plugs into the microphone jack of your phone. There is a hotshoe on the front which will allow for many other accessories such as lighting and shotgun mics.
Future models will use the dock connector for stereo sound, they will support wireless microphones, and even provide power for the iPhone.
According to CrunchGear, OWLE plans to have a limited production run completed by August which will be mainly distributed to press. A full production run should be completed by Christmas and will be sold at at pricepoint around $30-50.