According to 9to5Mac, Apple is working on a radio application similar to the one in the iPod nano, but for the iPhone and the iPod touch. The novelty with this particular app is its integration to iTunes to make it possible to buy a song that you like on the radio. This would be the first application that really uses the FM capability embedded in the iPhone and iPod touch. That would also be a nice counter against the radio function in the Zune HD.
Note: the photo is a mock-up.
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