A popular application called Display Recorder which was available via Cydia has made its way through the App Store. Although we are not sure whether Apple would remove the application after a while, but one thing i can assure you is that it’s available for now in US App Store. If you have ever felt the need of a display recorder which could let you record and merge audio plus video on an iPhone or iPad, your search is now ended.
Undoubtedly, this violates Apple’s terms and polices in App Store. An application is not allowed to take screenshots in succession and convert it in a video. The video and the audio with built in microphone can be recorded and then merged together for a better experience. After recording the video, you could directly export it to Youtube or camera roll and then transfer it to your PC/Mac using iPhoto or photo browser. 
The developer of Display Recorder Ryan Petrich has acted and filed a complaint to Apple. The similar application in the App Store claims to do the marketing by his name when he has no contribution in the development. We believe that Apple would pull the application for sure in the future. Till then, you can download from the link below:
iTunes link