Lapse It is a nifty application that makes time-lapse videos. If you've ever wanted to watch the stars shoot across the sky, or capture the sun setting as clouds shoot by, this is probably the app for you.
Lapse It works by taking pictures at a preset interval (three seconds is the default) until such time as you're done with your recording. After capture is done, it stitches together the images into a video that you can watch locally or upload to any video sharing service you want.
I did a walk-through of my office building with a one-second time lapse between shots; the results were like riding a nauseating roller coaster.
For longer planned shots, this app is probably more for your old deactivated phone that you don't mind clamping down as the sun sets. Nothing ruins a time lapse video like calls from Sprint asking you to rate your recent experience.
Lapse It is free in the Market to try but is limited to 240p video. Purchasing the app unlocks 720p (and perhaps beyond) along with some other editing features.