This app will not replace a conventional monitor but it is a decent short-term replacement. Syncing my iPad with my iPhone can be a bit of a pain at times, and the sound is a bit choppy, but I can clearly hear my baby and other sounds as well. Make sure you stay connected to your wifi or else you will have to sync the two devices again.
Janson Chapman about Baby Monitor - WiFi & Bluetooth w/Background Audio, v1.3