PocketMoney was designed to do one thing and do it very well - track your finances quickly with the smallest amount of work. PocketMoney will help you keep your checking, savings, credit card and petty cash accounts in line.
Some screenshots are available of the beta application.
While it's nice to have a money application for the iPhone, the significance of this announcement for me was Catamount software's involvement in iPhone development. For those who aren't familiar with Catamount, they were a well respected Newton developer with a number of popular Newton applications (including PocketMoney for the Newton) in the late 1990s. Since the Newton's demise, it appears they continued development on the Palm. It's good to see that they are "back" developing for the iPhone. The release of the iPhone development kit in February will hopefully lure more 3rd party developers to the iPhone. For now, PocketMoney requires a Jailbroken iPhone to be installed.