I wouldn't use coinpunk, it is a self hosted solution, it has no security audit as I can tell, and one person writing the code is a shill for the foundation so it screams don't use.
Instead try out
http://pheeva.com/ it is native iphone wallet, and I been using it with out a problem. It isn't open source so I wouldn't keep more than $50 -$75 in it.
How does that work though? What makes it different from MT GOX? Or is it not an exchange. I'm displaying my ignorance, I know, but that's how we learn right?
Well you should never keep more than you can afford to lose on any software. That is why we have paper wallets. The difference is that the pheeva keys on the on the device, and never touched their server where gox held your private keys to the bitcoins on their server. I have actually talked to the pheeva people and they sound like good people but I hear you. That is why you shouldn't keep more than you can afford to lose on it.
Thanks dude, I'll use Pheeva.
New Wallet!
1K94rZY3jhALXpMSis6h7Hy2gLTc1DSDxc
So where do you recommend I go to buy bitcoin so my new wallet ain't so sad looking?