Firewall iP is the only security tool of its kind for iPhone and iPod touch.
Firewall iP allows you to block outgoing connections (TCP & UDP). It hooks into applications and will warn you if the app wants to establish a connection to a host and shows you the hostname. Then you have the options to allow or deny the connection once/always or allow/deny all connections for the application. Port specific blocking is possible.
You can decide if the application will send data. Developers will no longer be able to collect stats and data about you (UDID, phone number, usage statistics...). With Firewall iP you can cover all app analytic providers which aren't in PrivaCy and also custom analytics.
Blocking of ads is also possible with this powerful tool. Now, you are the one who decides!
Save money by reducing your data usage.
Cydia and other apps that run as root can be controlled by FiP because they can't be hooked via MobileSubstrate. However, the number of those apps is very very small.