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why isnt this being developed?!

I recently discovered that my incredible has the ability to record and playback sound simultaneously, so my question is, why has nobody utilized this to develop a multitrack recording app similar to fourtracks for iPhone? I understand there are some latency issues but 2.2 is supposedly addressing some of these limitations? I am a professional musician and marketing/design pro, willing to partner with any devs on bringing this and other much needed developments to the market. You do the tech work, I'll help design and sell these babies. I am loving Android but have recently become jealous of several iPhone applications and capabilities. There is a lot of money to be made in rectifying this situation!
 
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