We don't have too much information on this one at the moment, but it seems that Propellerhead will soon be launching a brand new iOS app, which is based on the Reason synth engine! Although it isn't as powerful or as feature-packed as the Reason DAW, it is an excellent tool for making music on-the-go when creativity strikes!
It is built on the idea of making music using just the basic elements - drums, bass and lead. Using your touchscreen controls you will be able to sequence and record patterns and add effects, plus a lot more! As they say in the video below, there are going to be more features added in the future, but when it is first released it will only cost \$1!!!
Check it out in the video below, made by the guys at Sonic State: