We've just received a tip that an iPhone radio.app is being developed in-house by Apple for use on the iPhone and iPod touch. From what we know, the app will be allowed to operate in the background like iPod.app and will offer the same functionality as the FM radio in the new iPod Nanos. The source mentioned that this application could also be incorporated into the iPod.app before release.
The holdup on this app is that Apple is trying to integrate the Mobile iTunes Store purchases into the functionality of the program. For instance, if you like a song you are listening to on the radio (and that station supports tagging and you are in the US), you will be able to push a button and see the song (and all of the information around it) in the iTunes Mobile store. With another click, you'll be able to make a purcha
