Another Update! Verison 1.03 is out!
Samir has been very busy with Nokmote and Rotate Me and therefore has had very little time to work on Shut Up the application that is based on the Touch UI demo, in which you just flip the phone to cut the call.
Tong Ren meanwhile has released his very own application called Flip Silent with the above functionality. It works well both with calls and alarms, with the alarm being snoozed and the caller getting a busy/unreachable signal.