With about a month to go, Vanity Fair is getting an early start on the Oscar predictions with a new iPhone app, sponsored by one of their major advertisers, L'Oreal Paris. This is the latest in a fast growing trend of publishers launching sponsored iPhone apps. Take for instance, USA Today's partnership with Hampton Hotels and Motor Trend's recently launched iPhone app with Mercedes-Benz.

The new iPhone app by Vanity Fair allows users to create or join prediction groups, choose favorites and chat about their selections. L'Oreal Paris is integrated into the application by way of a virtual 'gift bag' which will contain special offers and giveaways from L'Oreal Paris.

Also in the Oscar prediction category, the L.A. Times recently launched its own prediction app called The Envelope.

Check out the Vanity Fair staff as they kick around the app in this promotional video, as well as a few screenshots below that: