Flipboard, a popular newsreader app for the iPad, is finally making its way to the iPhone today. The app has been completely reengineered for the iPhone’s smaller screen, yet still maintains the high-quality magazine-like format people have came to love.

“With the iPhone we redesigned Flipboard for a new use case, where people want to find the things they care about even faster and multiple times every day,” said Mike McCue, CEO of Flipboard.

The iPhone app includes a new feature called Cover Stories, which highlights social media posts that are most likely to interest the user. Cover Stories work much like the News Feed in Facebook, but it combines posts from Instagram, Tumblr, Twitter, LinkedIn, Google Reader, and numerous others. This allows users to catch up with their social profiles quicker and from one location. At the moment Cover Story is only available for the iPhone version of Flipboard, but McCue said the feature is coming to the iPad in the coming months.

To further promote the new iPhone app, Flipboard has released the following video entitled: Precious moments on Flipboard for iPhone.

Apple’s senior vice president of worldwide marketing, Phil Schiller, seems to be a fan of the Flipboard iPhone app, as he tweeted the following:

Have you downloaded the Flipboard iPhone app? If so, tell us what you think below.