However, it would be useful to be able to set the sampling frequency and recording duration of the time-domain waveform myself.
Adjusting the time domain limits is possible with two-finger pinch/spread gestures inside the horizontal axis label area of the waveform display.
I don't understand why the App Store shows this app with "Line In" and stereo channels. That is misleading but I sure wish it were available!
Line-in has been available, via the dock connector, since version 2.2 of the iPhone OS. You'll need a third party device, like the Belkin TuneTalk or the Tunewear Stereo Sound Recorder for iPod. We're planning to test as many of these devices as we can get our hands on and post the results on the site.