Although this is just being designed, I see wonderful possibilities in the future. I downloaded and installed this app on my Iphone. It works! However, it is not appropriate for someone with my kind of hearing loss, I can see that this most likely works for SOME people who have a mild loss.
As my 9 year old and I dabbled with this app, we agreed that it would work better if it did not pick up the voice of the person using it as a hearing aid. This can be remedied easily with some of the fabulous speech recognition technology out there. All they have to do is add a "my voice" gadget where a person can speak into the mic and then an option to "mute THIS voice" and voila... you would pick up only the voices of those speaking around you and not your own voice.
Anyone can download and check out this FREE app https://itunes.apple.com/gb/app/bioaid/id577764716 Read more about it at the Limping Chicken here: http://limpingchicken.com/2013/03/27/deaf-news-mobile-app-turns-iphone-into-a-hearing-aid/