iPhone Bands?

Whilst listening to "Kids" by MGMT off of my work iPod mix in the office today, a coworker linked me to the following video:



Yup, those ladies are performing the "Kids" via iPhone/iPod Touch app instruments. From the piano to the bass .. pretty awesome. Even the uber nerdy ocarina toots.

Great video, but one can't help to wonder .. is this just the beginning of iPhone/iPod Touch bands?