From the excellent crew at Teehan & Lax:

TweetMag is an iPad and iPhone app that takes twitter feeds and turns them into wonderfully simple magazines. It works by finding links in a twitter user, list or search – then grabs their headlines, abstracts and media to create a TweetMag. Articles then become prioritized by what’s being tweeted about most.

Looks like Flipboard may have beaten them to the punch, but I’m still psyched to get my hands on this.