Moog Music has released Filtatron version 1.1, an update to its realtime audio filter and effects engine for iOS.

Here’s what’s new in Moog FIltatron 1.1:

• New Filtratron settings panel in the Settings app allows you to change the audio output (speaker, earpiece or Bluetooth), sample rate, audio latency, and control response rate.
• Major upgrades to the Sampler: Now you can import any song in your collection into the Sampler, and record and play back samples of unlimited length.
• Pitch Lock feature for the VCO Pad control allows you to play a chromatic scale using the Filtatron oscillator.
• Retina display resolution and iPad native version coming soon; these features are currently in development and are scheduled for release in early 2011.

As Moog says, “It’s not a toy, but go ahead and play with it.” And at $4.99, it’s as close to a no-brainer purchase for iPhone/iPad owners as you’re going to get.