Featured this week in the all-new iPhone apps column is one I’ve personally been enjoying immensely since the day I got my iPhone, and it’s something I can see myself enjoying for a while to come.

Mafia LIVE! grabbed my attention mostly because it was labeled as strategy, and the demo was free, which is what I was looking for right after laying down almost $500 on a new phone. I’m glad I ended up getting it, because now logging into this amazing little app has become one of the highlights of using this phone.

Basically, you start out as a nobody, a two-bit mobster, and you have to work your way up from there. You can do missions, you can see the Don about getting new recruits – and you can even recruit your friends. You can poke around the black market for the newest, best weapons to buy, and employ them both on missions and in battles with other gangsters.

You can even spend your hard-earned cash to buy a chunk of property for your very own, and develop it to provide yourself with a steady stream of income. And trust me when I say that this is where the real money is.

All in all, this app isn’t the simplest, but is by far the best one I’ve seen on the iPhone yet. And with the full version of the game weighing in at less than a cup of coffee, you may as well drop a dollar or two and keep yourself entertained for weeks.