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Audiobook fans, you’ve got another reason to get an iPhone 4 (or an iPhone 3Gs with iOS 4 installed): Audible has released a new app for the phone that includes some handy features, such as multitasking (you can listen to an audiobook while doing other things on the phone) and a bookmarking system that allows you to type a note for each bookmark.

Here’s more from TUAW, whose blogger is very excited about the app:

Audiobook playback is where the new app really shines — it provides a better experience than listening to audiobooks through the iPod app. iOS 4 multitasking is built in, as are OS playback controls; you can use the playing and pausing from a clicker on a compatible set of headphones. You won’t be missing any of the native features that may have prevented earlier audiobook apps from getting as much traction.

The killer feature for me is the addition of a bookmark system. When you want to save a spot you’d like to return to later, hit the bookmark button and you’re prompted to save your spot with the option of typing out a note for it as well. This is a much better solution than my current technique of snapping a screenshot of the location in the iPod app.

I also really like the ability to set a sleep timer so that the book pauses (after a few different intervals, up to an hour).

And here is the iTunes link to the app itself.