PlanetMeet allows you to easily setup a teleconference with participants located in multiple timezones around the world. You can select the city of each participant and see everyone's local time when you meet. And then you can send an email with a calendar invite to all of them. Recipients can then add it to their iCal or Outlook calendars with one click. Works on all devices: iPod Touch, iPad and iPhone's including iOS 4.

Here are the Screenshots: