Beautifully designed X Clock 1.0 is now available in AppStore. The clock can be set in Analog, Digital or Textual mode. It supports both horizontal and vertical position of the iPhone. In addition the app overrides the iphone's sleep mode so it can truly become your bedside clock replacement (can be changed easily under options where the sleep mode can be turned OFF or ON)

There are few more clock apps out there for a very similar price (Digital Clock,  Flip Clock and more) but I would say this is probably the best looking one and it offers extra features). Should there be an update, i would definitely like to see "set sleep time" and "set wake time" feature so your clock is off when you are sleeping and awake around the time when you will need it.