This update from Apple will improve the functionality of this app. No new features are included.

Added Lute, Bouzouki, 4-string Bass, Pipa
Add diagrams option for Reverse Chordfinder
Updated Tunings and ChordTypes
Fixed a few crashes
Improved Crash Reporting to include selected chord/instrument so errors can be reproduced.
Minor improvements to interface

Updated app to support the more recent devices.
Fix audio playback issues.
Minor improvements and fixes.

Added new reverse finder that works by selecting notes on a visual fretboard!

Support for iPhone 5
Bugfix for iOS 6 crash in instrument menu

Fix for iPhone 3g.