I know this was said tongue-in-cheek but as the founder noted below, if you release a half-baked iPhone app you're done. Dead in the water. Nobody cares or will write about your 1.5 version when you finally polish the turd of the 1.0. It's all about the launch, not iteration, on the App Store.

that strategy does not apply to mobile apps. You need a polished product before you release.