When Apple pimps the iPhone as this magical tool, my cynical self can't help but laugh. Not anymore. With GIF Shop, you can make GIFs with an iPhone app. You can make GIFs with an iPhone app. You can make GIFS with an iPhone app. Whoa.
With great power comes great responsibility, and with added codec support comes a crapload of new questions. That's why Microsoft's Xbox team has released a FAQ detailing what you may or may not want to know about the newly supported codecs.