The purpose of the app is to be a generic counting app that is useful for tracking the score of your baseball game (balls, strikes, outs, inning), the # of promo codes you have sent out for your latest and greatest iPhone app, or anything else you do in the day that requires keeping track of a running count or a countdown.
Count It Out is also open sourced. It is a great example app Core Data as well as some Settings UI controls that you dont get out of the box.
Source available at: http://code.google.com/p/countitout