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The initial planning for your app should be big and bold. Be expansive in how you think about its features, the audience it should address, the opportunities to set the app apart from the rest. We're still in the early days of exploring the possibilities of devices like the iPhone, and invention is important. Let the crazy ideas roll. Fill the drawing board with rainbows and unicorns, and drum up any feature you can think of that will make your app do things no app has ever done before.
And then, take the features on your lovingly crafted wish list and throw most of them out.