It’s been a long time coming, and today is finally the day: GarageBand is now a universal iOS app, making it available not only on the iPad, but also the iPhone 3GS, iPhone 4, and iPhone 4S, as well as the iPod touch (3rd Gen.), and iPod touch (4th Gen.).

GarageBand for the iPhone is pretty much the same as the iPad application, with a few new features like custom chords, additional time signatures, and audio export settings (AAC and AIFF). The 1.1 update also brings an adjustable velocity setting for Touch instruments, automatic fade out, and an apreggiator that is now available in the Smart Keyboard.

If you’re hoping to record long-form audio podcasts with this app, you’re out of luck. There are still time restraints on your record sessions, unfortunately.

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