Ive purchased v2.0 a couple of years ago, and Ive added modules as I need. This suite of sound tools works well, and replaces about 2 cubic feet of gear that would cost about 10 times as much. You have to adapt to the tiny size of the control knobs if you use an iPhone rather than an iPad, but its top notch. Only limitation is if you have to do sound measurements for a legal procedure, that need calibration: talk to the developer: Andrew Smith is really helpful.)
AudioTools is reasonably priced for the basic unit, but the in-app purchase add-ons can quickly add up quickly over $100. With that upfront, Audiotools is a remarkably well-designed pro-grade set of audio tools. So far, (first on an iPhone 3G, now with a 4S, with the latest version of iOS 6.xx), its reliable with repeatable readings, and has never crashed or frozen. It is adjusted for the frequency response of the internal mic, and a calibrated external mic is available. So, if you need and/or can use this variety of tools (with frequent improvements), go for it. If you just need a good SPL meter, Studio Six Digital sells an analog meter, and a digital one that are nice (included in the full set, so dont buy lots of the separate tools if you think you will want the $19.99 set). The RTA (Real Time Analyzer) tool is a graph of SPL levels in each frequency band. Yes, it costs more than 99 cents, but its a lot better and less expensive than the cheap ones. I used it yesterday to measure the noise frequencies from a new refrigerator, to design sound absorption. We are talking both Cool, AND Useful, (impresses friends and professionals, and lets you track down those funny sounds from the fridge, car, furnace, ducts, AC unit, etc. that make you crazy). This is the Real Deal.