**UPDATE** The "I Am Rich" app has been removed from the app store. Silicon Alley Insider has more.
While many of the apps in Apple's (AAPL) iPhone App Store are useful, some are utter crap. And the latest, spotted by John Gruber, is an insult to all the well-meaning developers that Apple made wait/are still waiting to get into the iPhone developer program.
i-am-rich-screen.jpgBehold: "I Am Rich," a $999.99 app from Armin Heinrich, which just displays a red gem on the phone's screen -- nothing else.