Undelete an iPhone Voicemail Message
There's no Command-Z in the Phone app, but you may be able to retrieve a deleted voicemail message: Open the Voicemail screen in the Phone app. At the bottom of the screen, tap Deleted Messages. To restore a listed message, tap it and then click Undelete.
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Just depends on what sort of data you're storing, and your comfort level with storing that data with a third-party.
And on that topic, my bet is that we'll see an iPad app at some point, but not an iPhone app. But who knows!