Apple today released GarageBand 1.1, an update that adds Universal support – bringing GarageBand to the iPhone and iPod touch.

GarageBand has become one of the most popular platforms for audio podcasting and support for the full line of iOS devices will be welcome for many podcasters.

The $5 app now makes your iPhone or iPod touch into a powerful 8-track podcasting workstation. With a decent mic, there’s no reason you couldn’t make complete podcasts with it. But most users will probably use GarageBand on the iPhone as a portable audio recorder, sync to GarageBand on the desktop and then edit there.

Missing in action is iCloud support, which would be a killer feature for podcasters. Let’s hope that iCloud syncing shows up in version 1.2!

Here’s what’s new in GarageBand 1.1 for iOS:

• Universal app designed for iPad, iPhone, and iPod touch
• Create custom chords for Smart Instruments
• Support for 3/4 and 6/8 time signatures
• Reset song key without transposing original recordings
• Transpose songs in semitones or full octaves
• Additional quantization options for recordings including, straight, triplet and swing
• New audio export quality settings for AAC and AIFF (Uncompressed)
• Arpeggiator available in Smart Keyboard
• Adjustable velocity settings for Touch Instruments
• Numerous enhancements, including automatic fade out and improved audio import options