I don’t play the guitar but after watching this video I think anyone who does play it will be downloading Iperov’s Pocket Guitar. It looks like setting up the chords takes just a second and then you’re off playing with an ultra-fast response time that people are reporting has great sound quality without any lag and the video supports this. This will work on the Touch Pro/Fuze, Diamond and TouchHD but will not work on the Tilt (sorry but the processor isn’t fast enough). So now you have more instruments to play along side the rest of your band.
The download is available here and of course, share your thoughts if you try it out but the user comments are very positive on XDA.