Many iPhone and Touch applications do in fact have some Settings you can adjust. For example, Facebook let’s you adjust your ‘shake to reload’ and photo tagging, iBlogger lets you set up what your Footer text will be, QuickVoice has sliders to turn on/off the Rotate Interface and Level Meter settings, and most apps that require a login/password will allow you to change that info in their Settings area.
So, where is this magic Applications Settings area. In the ‘Settings’ app… From your applications icons launcher screen, tap the ‘Settings’ icon, then scroll to the bottom of that screen. The first time you visit you may have to wait a couple seconds as the system builds the list of apps that have settings you can adjust.