YoungGam communications (Could not find a website for them, only a YouTube video page) have released the iLockScreen Maker - Basic Frame & Background (A bit strange with the names). It has been released as FREE but it was a paid app earlier or will be a paid app again is unclear.
On starting the app, it has a very polished startup screen that has just one graphical button "Start". This brings up the actual editing screen, where at the bottom is an overlaid Toolbar with 6 options. The UI navigation is handled very well, one can notice arrows on both ends indicating that the screen can be swiped in either direction or the arrows can be clicked to navigate. This changes the options of the Frame or the Skin (depending on the the section you have currently selected) On selecting Preview the Toolbar and the Preview Text disappear allowing for a full screen preview. Text can be added but there is a fixed place for Text based on the template (FX/Frame) selected. The Text and the sub-text colours can be selected along with the Font you the text should be rendered in. The display of Text can be toggled on or off. The Info toolbar button is actually a Help button and is also quite polished except for a typo that stands out "Contac us" with a missing "t". On clicking the "How to use" button, safari opend up the wordpress page for younggam, and it seems that this is a Korean company/developer and there is an apparent issue with Contact Us spelled as "Contacu us"
It is also quite strange that the Design is by "feel kim" and the development by "hahainteractive.com" but the copyright is YoungGam.
One click on the last button "Save" saves the composite image to the photo album for use as wallpaper.
Some good features of iLockScreen Maker are that the calendars are set in two formats and allows for the current month and next month to be used.
Overall a very slick and polished product, if this shall remain free henceforth, then it is indeed a recommended product that all interested in customising the devices should have.
Software : iLockScreen Maker
Version : 1.2
Publisher : Younggam Communications
Contact : email@example.com (untested)
Platform : iPhone (iOS 3.1 +)
Price : $FREE
Mac App Store : http://itunes.apple.com/au/app/ilockscreen-maker-plus-frame/id413878436?mt=8