Iphone 3g with ios 4.2 and this app loads but does not save any images to camera roll.
I get as far as starting the timelapse, it say "running" but no images are captured it just sits there doing nothing. Maybe just go ahead and say this app requires ios 5 and at least ios 3gs hardware, then iphone 3g users dont waste their time downloading a dud.
TimeLapse on iPhone 3G is only capable of automating the camera (e.g. take 1000 photos with a 5 second interval). To create a final video, you need to export the photos to your PC and use a program such as quicktime, iMovie, Windows Movie Maker or ffmpeg to create the final video.
Here is a guide on how to do it with Quicktime 7 on the mac:
TimeLapse can create videos only on devices where the built in camera supports video.