I'll just quickly mention a big thanks again to all the people in this thread.
So thanks
Also, if anyone is having trouble with microphone / out put levels . . . too low.
Make sure you up your input / output levels in Audio Midi Setup utility in /Applications/Utilities.

I noticed it defaults to around 50-60% (something like that) on my system, but after upping them, I'm getting good results recording stuff from my iphone on both Mic inputs and also line-in.