And it's useless...
The description in iTunes reads "The red icon on your iPhone or iPod Touch always reminds you (and others when you show it to them) that you were able to afford this. It's a work of art with no hidden function at all..."
I'm amazed that someone from Apple approved this to be in the App Store. If one (rich) unlucky customer clicks "Buy This" and types in their password, they are gonna be in for a rude awakening. Maybe Paris Hilton would buy it if it was pink.
UPDATE: This app has been removed from the App Store.