Firewall iP allows you to block outgoing connections (TCP & UDP). It hooks into applications and will warn you if the app wants to establish a connection to a host and shows you the hostname. Then you have the options to allow or deny the connection once/always or allow/deny all connections for the application. Port specific blocking is possible.
You can decide if the application will send data. Developers will no longer be able to collect stats and data about you (UDID, phone number, usage statistics…). With Firewall iP you can cover all app analytic providers which aren’t in PrivaCy and also custom analytics.
Blocking of ads is also possible with this powerful tool. Now, you are the one who decides!
Save money buy reducing your data usage.
Cydia and RockApp are excluded for obvious reasons.
Features
Block outgoing TCP & UDP connections selectively
port specific blocking
Shows you the hostname for the connection & can provide you with WhoIs information
Can block connections of apps when you are on a cellular network (save data!)
Block analytic providers / data collectors which PrivaCy can't
Block unneeded content (ads 
Easy to use interface & control app
and many more…. FiP is very powerful
Compatibility
Firewall iP has been tested to work on all iPhones, iPods and iPads running firmware 3.0 to 5.x.
Changes:
Waiting for changes
You may view the latest post at
http://www.ihackstore.net/2012/12/19/firewall-ip-2-07-1/