J.J. Abrams' Bad Robot has entered the iPhone app business with Action Movie FX. The free app comes with missile attack and car smash effects that can be added to a video shot from within the app. The profit comes from letting you buy additional effects at the cost of $.99 in packs of two. The current affects you can buy are chopper down/tornado action and airstrike/fire fight bundles. The app can be used on any camera enabled iOS device. More details can be found here, demo video below.