It looks like another app made it through the app store approval process that allows for an easy way to turn on and off your iPhone’s bluetooth radio. I would recommend spending the 99 cent to purchase as I don’t know how long this will last on the app store.

Other Links:

Bluetooth OnOff

This hardware configuration was used to record this screencast:

Blue Yeti
Sennheiser HD 280 Pro Headset
15.4″ MacBook Pro
Black Magic Design Intensity Extreme
Thunderbolt Cable
Apple Digital AV Adapter
The new iPad
iPhone 4S