LightWave version 1.1, now with gyroscope support and Spanish translation, has just been released.  LightWave enables you to wave a banner of your favorite colors using your iPhone.  If your iPhone has a gyroscope (i.e. iPhone 3GS, 4, and 4S) then the colors are displayed based on the angle as sensed by the gyroscope.  If your iPhone or iPod Touch does not have a gyroscope, then LightWave will still work by detecting the sudden deceleration at the end of your wave.