We've seen no shortage of great music related iPhone apps released into the iTunes App Store. Some of the best apps are even more powerful than their hardware based counterparts. So I guess it was only a matter of time before we started seeing bands release exclusively iPhone created songs. This is one of the better ones I've seen, and it's by a real band from the UK, The Mentalists.
This is a cover of a song called The Kids from the band MGMT, and pretty well done. They are, according to the video, using apps such as Ocarina (Our Review), Digi Drummer Lite (iTunes Link, and Retro Synth (iTunes Link).