The Wall Street Journal has traditionally been an expensive paper, costing over $100 a year for both online and print subscriptions. Now it’s free on the iPhone (just like it’s been on the BlackBerry), and its definitely worth a look.

After trying it, you’ll quickly notice the content layout is nearly identical to the NYT app (the main difference being that WSJ’s headline fonts are larger). However, the WSJ app also offers audio and video clips, plus it felt far snappier than NYT’s still finicky software over a Wi-Fi connection, according to many sources.

Available at the iTunes Store now, let us know what you think about it in the comments. Let’s complain about the bugs early so that maybe we won’t be stuck with another 2.02 version of a newspaper that barely runs.

This may likely be the next iteration of “newspapers” as we know them, assuming this is successful.