With the new update, the sound quality is better, and the 4-track recorder is nicely done.
But its missing a way to import audio from other iOS apps (either copy/paste or file-based). If you need a computer around to get drum tracks into the recorder, it defeats the whole purpose of having a portable solution.
Also, you should be able to play songs directly from the iPod library without importing - other amp apps can do this, so its possible.
With audio copy/paste and better iPod integration, this would definitely be a 5-star app.
Xtapolapocetl about AmpliTube LE