LOLCats 1.2 is now available in the app store. The major change in this version is support for Zooomr as well as Flickr. This will be the last update, unless a critical bug is found.
This application will be superseded by the Official LOLCATS application, which will get content from I Can Has Cheezburger and several related sites. The official app will also be free.
I see that another LOLCATS application was released today, which sells for $0.99. That one is NOT authorized by ICanHasCheezburger.