...a piece of code that claims to be Goose Apps' first product for the iPhone, and "taking the social networking environment of Twitter and extending it into a versatile, flexible, yet easily navigated user experience." Sounds like big words to me, but let's see more of the official description now, shall we?
"Lounge allows you to not only write and read your public and private tweets as well as direct messages, it enables you to compose and view tweets by category as well. You can quickly create your own "smart categories" using Twitter's own search syntax, much like "Smart Playlists" in iTunes or "Smart Mailboxes" in Mail on OS X. Staying current with tweets between a specific set of users, or posts using any combination of words, or even a combination of both, is just a tap away. If you can search for it using Twitter, you can save those searches in Lounge.
Lounge lets you easily browse tweet details, such as linked web sites, referenced users, hashtags, and provides access to the author's profile date, such as web sites, friends, tweets, all on the fly within the application. Thanks to Lounge's thoroughly consistent sliding lists design, recursion is virtually unlimited - just dive into a chain of tweets and users and zoom back out."
Additional features include landscape orientation, and multiple accounts support, as well as the ability to choose the interface style and size you want.
The price? For now, the Mac desktop client comes for free(still a Beta version), and the iPhone Lounge software is available for $1.99 via the App Store.