The first, but incomplete
There have been many HP-12C emulators for the Mac, some available from Apples web site for years. Apparently HP doesnt or cant mind. Recall that this classic had its 25th anniversary a year or three ago. Perhaps HP is being nice or perhaps any design patent or copyright has expired, and you cant patent math.
Other emulators for the Mac include Bond calculations and programmability, and even emulate the higher-capacity Platinum model, hence the deduction of one star for this first iPhone implementation. At least one major writer of these emulators, who has written for many HP models, tells me he is working on an iPhone version but it wont be ready until much later this year; hence if you like this calculator and use it a lot, it is perhaps worth the price. Be clear, though, that you are paying for the privilege of not carrying around your existing HP calculator, not for the functionality itself, since it is likely most buyers of this emulator already own one or more HP units.
For sentimental reasons many who have relied on this calculator since HP first introduced it willl be willing to pay. If not, dont complain. Just dont buy it. Eventually competition will drive the price down. Early adopters usually pay a premium as early owners of the first iPhone know quite well.
Remember that many complainers on the iPhone app store are really saying "I want it but cant afford it" Thats their business not that of the rest of us. Perhaps Apple should limit reviews to actual purchasers. Its not hard so to do.
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Calculator12 RPN