Captured using the miniatures app without any tripod with the iPhone 5, natural sound also recorded on the iPhone. Music "If" by the mega awesome Broke For Free (brokeforfree.com/) from the Vimeo Music Store :)
I first used the miniatures app nearly 2 years ago in making 'Dubai to Thailand' vimeo.com/32894355 You can download the app here: itunes.apple.com/us/app/miniatures-tilt-shift-time/id417005566?mt=8
My suggestions, if you are not shooting from a great height then do not use the tilt shift as it doesn't look right otherwise it's amazing. Do not over saturate the colours if you are making a normal timelapse like this one, use shutter drag effect to get those people whizzing by, capture at 1080P and use an interval of 2 seconds, don't forget to lock the white balance, exposure and focus and finally make sure you keep the iPhone very still.