This may be my new favorite iPhone application – Visual Dial lets you add a picture of a friend to the iPhone home page (as if it were an application). Click the picture and it acts like a visual speed dialer to that person.

Simple. And very useful.

The video sort of says it all. The application is still under review by Apple, we’ll update when it becomes available. They are letting a few people into a private beta before approval – details are here.

Visual Dialer is being created by Straight2Market.

Update: the app is now live. Get it here.