[UPDATE as of 1:15pm PT] All existing Flipboard iPad users and those who can now launch Flipboard for iPad and iPhone. Even if you aren't currently signed up for Flipboard on your iPad, you can still sign up right now to be able to launch the iPhone app. "For brand new Flipboard for iPhone users, we are still seeing server load issues that cause an error message when people try to set up. We are working on the server balancing and expect to have another update soon," the Flipboard blog states.]

After launching the highly anticipated Flipboard app for iPhone last night, the tablet magazine service went down this morning and has turned off account creation until it can fully restore the service, the Flipboard blog states.

"Due to high demand, our service is currently down, we are working to resolve the issue as soon as possible," Flipboard tweeted. "Thank you for your patience."

After downloading the iPhone app, when you try to add categories to create your Flipboard, a text box appears that reads, "Couldn't build your Flipboard. Please check your Internet connection and try again."

The iPad app, however, is in working order with the exception of slow page load times, inability to load videos and confusing layouts on certain pages.

In October, we got a glimpse of the Flipboard app for iPhone and noted how it feels quite different than Flipboard for iPad, most notably that you flip vertically rather than horizontally.

Flipboard is the first tablet magazine to launch its iPhone app out of competitors including Zite and Editions by AOL.

“The iPad is an amazing device that challenged us to rethink how people discover and share social news,” Flipboard CEO Mike McCue said in a statement. “With the iPhone we redesigned Flipboard for a new use case, where people want to find the things they care about even faster and multiple times every day. Flipboard for iPhone puts all the power of Flipboard in your pocket.”

The iPhone app brings along with it Cover Stories, which is a place to see the most interesting content friends are sharing in real-time. Cover Stories will soon be available for iPad, the Flipboard blog states.

Earlier this week, Zite launched its first branded section for lululemon while Flipboard launched its first advertising program in July with Conde Nast to offer content from The New Yorker and Wired, in addition to full-page advertisements. Other competitors in the market include Yahoo's Livestand app and tablet content platform OnSwipe.

Founded in 2010 by Mike McCue and Evan Doll, Flipboard has raised $60.5M in funding to date from investors including Insight Venture Partners, Comcast Interactive Capital and Kleiner Perkins.

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