Developer: DoApp, Inc.
Price: free Download on the App Store
Of all the lighting apps out there, myLite has the best combination of luminescent choices.
Start with a plain old flashlight, choose "normal" under effects and customize any color and brightness using the simple sliders.
When you're ready, move onto more advanced options with a variety of built-in strobe effects. Make sure to try out the Color in Motion feature which utilizes the accelerometer to change colors according to your movements.
Looking for more than pretty colors? Choose Rock Concert to fire up a lighter. It's not our favorite virtual lighter app for the iPhone, but it'll do in a pinch.