Developing a successful iPhone App can mean big $$. So its no surprise that new Apps are released every day with thousands in the system awaiting approval.

A small charge of .99 cents can mean a $million payoff, if the App takes off and a million iPhone users make the small payout to get it. Its a pretty good model – for those that succeed! Take the game Flight Control by Aussie developers, Firemint.

This was an unexpected hit game that took just three weeks and $50K to develop but – as of this month has sold over 1.5 million units worldwide in 6 months – and has propelled Firemint from the status of back yardies to fully fledged and dedicated iPhone App developers!

But there are plenty of Apps that don’ make it ( research into the top iPhone App flops is in the works and will be published soon!)

This weekend there is a “Mobile Application Development  Event” where some pretty smart brains are getting together to:

‘design and build an iPhone application in a day with the help of several talented and skilled designers and developers who will work together to build the application.

Can it be done? Will the app be of any use to the every day iPhone user?  Will we something of pure genius being built? Will these iPhone developer geeks come up with an app that makes all other apps look useless?

We will keep you posted folks – because we are hoping this event will  show that a useful app can be built fast and cheap.