When pressing the preset button on Live Cams 4.71 the app will crash if you are running 3.x firmware. We have resolved the issue (it was trying to draw the menus with a font that was introduced in iOS 4) and will be submitting the 4.8 release to Apple after further testing.
If you are capable of updating the firmware on your device to iOS 4.x this issue will disappear. For those using older devices (like a first generation iPod touch) you will have to wait for Apple to review our update before the problem will be resolved.
We have acknowledged this defect in the release notes, our blog and in the "What's new in this version" text that appears when you update the app. It is also appearing in the "news" badge via the Help button in the 4.6 release of the software. Hopefully those with OS 3.x will see one of these notices before updating to the newest release. If not we promise to have the fix available soon!