Soundmarks (free) is a fascinating audio recorder app. When you start and stop a recording, the app marks that point, making it easy to return to it. Think of it as an audio bookmark. The really creative part of using the app is the ability to add notes, drawings or even photos while a recording is going on. You might want to capture a whiteboard during a meeting, or add some comments. Those additions are tied to the timeline, so you can jump to any event by tapping a picture, text or drawing.
You don't have to do this live; you can add the notes or images later, at whatever place on the time line you desire. The drawing features go beyond the basics -- you can undo, delete and edit, and there are a variety of brushes to choose from.
Recording and playback of your audio files works in the background, so you can switch easily to work in other apps while making a recording or listening to it after the fact.
Editing of any item begins with a long tap to enter edit mode. Although all these functions can be accessed from the free app, there is the inevitable in-app purchase for exporting your sound file to iTunes, Dropbox, or email or importing audio recorded elsewhere. That IAP is US$0.99, and I think most users will want to add it.
Soundmarks is a refreshing take on audio recording. The app is universal, works on iOS 6 or higher, and is optimized for the iPhone 5. Since the app is free, if you think you have a use for it, give it a try. You may decide to add the import/export feature, which is certainly not overpriced.