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iPhone SLR Mount
Without a doubt the craziest photography accessory for your iPhone is the iPhone SLR Mount which allows you to couple a Nikon or Canon SLR lens to your iPhone 4/4S.
This case-adapter combo lets you mount a Canon EOS or Nikon SLR lens to your iPhone, giving you access to powerful photographic techniques such as depth of field and manual focus otherwise not available on the iPhone.
The whole arrangement is quite unwieldy, but it is capable of taking some fantastic photographs. Eat your heart out Instagram users!
The only drawback of this device is price, but if you are the sort of person who has Nikon or Canon glass laying about the place, then you're probably not going to be that shocked by the price tag.
Note that this is only the adaptor and that you don't get a lens thrown in for that price.
Image credit: Photojojo