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Just yesterday we saw the release of The Wall Street Journal app for the iPhone and it has quickly become my favorite news application. I will admit that initially I was excited simply because of the price — free. However after spending even a short time with it, I can say that I have only one complaint.

To begin with, I have never had a paid subscription to the Wall Street Journal, so I am not sure how the available content compares to what is offered with the standard online subscription, but it appears that they are not holding back on what they are giving away. Of course, giving it away generally means it comes with ads. That is something I understand and even support, however that is my one complaint with this app, not so much that there are ads, but the placement (which you can see in the screenshots below).

As far as features, the WSJ app offers a selection of news and video as well as WSJ Radio.

As far as using the app and browsing the content, the navigation is simple and familiar. By default, the WSJ app will an option for Articles, Video or WSJ Radio across the top. It also has a selection of buttons along the button that are set to What’s News, Markets, Editor’s Picks, Saved and More by default.

Additionally, the More section also has an option for Tech, Markets, US, Opinion, Life & Style, Business as well as quite a few more. You also have the option to customize the bottom row of buttons (in a manner similar to how you can on the iPod app) by touching the “More” button and then clicking the “Edit” button in the upper right hand corner.

But getting back to browsing the news, once you choose your category of choice, you will be given a list of stories to choose from. Just click your story and begin reading. Then once you are in a story, you can use the arrow buttons (in the upper right corner) to move to the previous or next story, or you can also swipe your finger to the left or right. You also have easy access to either Save the article for later, or email the article.

Being a tech blogger I was happy to see the Tech section as well as the All Things Digital section, both of which are under More by default.

Overall, I really like the app, but I do think it could stand for a slight change, one of which would be in regards to the ad placement. I am not sure if it was the red color that made it stand out or just the placement. Of course, I did accidentally click it two times, which is annoying because it launches the ad in Safari.

Additionally, the Save feature is a nice way to create a reading list for later. One feature that would be nice, (and I am not even sure this is possible based on the Apple SDK) is a way to Save for offline use. That way iPod touch users could also benefit, or you could create a reading list while sitting in the airport waiting for your flight to board and still be able to read while on the plane.

[Wall Street Journal (App Store link)]