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An iPhone app was the most requested product.

Yes, we had about 2 years of research under our belts from using the site :) I just posted a little bit about our process here: http://www.quora.com/Airbnb/Who-designed-the-Airbnb-iPhone-a...

Other platforms are also very interesting to us, and we saw this as a good first step into the mobile space.

I'm also a host (www.airbnb.com/rooms/12157) and know what it's like to manage a listing on the go. The app includes a first round of features that we feel will make hosting easier, including messaging, guest scheduling, and instant push notifications.

And to follow up on cool factor. As a product person and an airbnb customer, I have taken both my hats off to you. This is a phenomenal v1 iphone app. Great work!