OK, I'm impressed.
This is pretty damn slick, as far as a $20 touch-based turntable interface app goes. They got a lot of the turntable UI/interactions down, including picking up and moving the needle, turning the power off, and (rudimentary) scratching. Perhaps I might regret giving my iPad to my parents now.
While it isn't vinyl, this is definitely a contender for future DJ gigs at friends' parties; I'll be giving it a test run tonight at the Flickr Saloon.