If you are looking at doing Timelapse I would certainly recommend the iTimeLapse iPhone App. (Note, you need a camera on your device so the old iPod Touch cannot use this app)
The iTimelapse iPhone App allows you to create a timelapse project, specifying the timelapse interval, duration of the project, & size of the video. During rendering you can output at varying framerates, add music and add a filename. The timelapse videos can then be output to your camera roll / library for sharing.
The quality of the videos are very good and I feel I could be getting slowly addicted to timelapseing … But it is enjoyable especially if you have a nice subject, e.g. sunset, cityscape, or something which is slow moving but interesting to watch over time.
I would recommend that you switch to Airplane Mode, turn off sound, turn down the brightness, and if you are running a timelapse which takes mire than 2 hours that you have a full battery or stay on AC power.
Your projects in iTimeLapse are saved so if you render & export your video at 12fps and you find that it is too jumpy then you can re-render later by accessing the project file and changing the fps of the timelapse.
Have a look at a sample which I created this month in Sydney, Australia.
The iTimeLapse iPhone app is available in the app store at €2.99 – well worth it, a nice fun app.