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Trackmaster is a lap timing tool for a droid phone. I played with it at a trackday today. Holy crap is this thing cool. I also used an external GPS system, which decreases the refresh rate (I dont know what this all means, but apparently its a good thing). You can set your own splits, or just use one at start finish. It also shows you a map of the track where you are braking, accelerating or neutral (I think thats what it is). You can pick and choose laps and then overlay the results and see where you're making up time or losing it. I havent even gotten to play with the data on a computer, but just seeing it on the phone is pretty damn awesome. I'm into the whole set up like 90 bucks (Including the external GPS which I guess isnt NEEDED, but recommended). Only downside is you need to keep your phone on you, but with the external GPS, you can bluetooth it and mount hte GPS thing to your bike, and leave your phone in your pocket inside the leathers. It worked flawlessly.
Totally recommend this system.