I don't know too much about that particular iPhone app, but a quick Google search reveals that it tweaks some of the animation transitions and requires that your device is jailbroken (rooted).
There are ways to get some of that benefit on a rooted device, but I'm not aware of something that makes the device look like it speeds up as much as one of the YouTube videos I saw for the iPhone app did (i.e., there's probably no all-in-one speedup app).
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