It’s no secret that the iPhone is the most popular camera in the world. The new iPhone 4’s 5 MP shooter is pretty solid when it comes to mobile phone cameras, but unlike standalone picture-takers, it doesn’t have many options to tweak. There’s no white balance or shutter settings, and no interchangeable lenses.

Patrick O’Neil and Chong Pak are looking to change that with their olloclip accessory. The tiny lens just slides on your iPhone 4, instantly giving you the ability to shoot fisheye, wide angle, and macro photos…

While there are certainly applications that can apply filters to photos to achieve similar effects, the olloclip provides these options in realtime. Want to take a a closeup shot? Just unscrew the top wide-angle lens off of the olloclip to reveal the macro lens, it can increase zoom up to 10X.

Currently the olloclip is just a concept, the inventors are seeking funding through Kickstarter in order to start production. Surprisingly, the previous add-on lens project we reported on by the name of GoPano has received over $150,000 in pledges. Will olloclip be just as successful?

The project has raised $2,417 so far. They need to hit $15,000 by Jun. 6 in order for their project to be funded. If you pledge $45 or more, you are basically pre-ordering the olloclip for the iPhone 4. Not a bad deal as they expect the product to retail for close to $60.

The accessory is compatible with all of your favorite iPhone camera apps and will start shipping in August if the product gets funded.

What do you think? Are you going to grab an olloclip?