Folks, it’s time to break out the party hats and balloons, because the beloved Android Market as just hit 500,000 applications released.

Because of the exponential growth of the Android store, it’s likely it will soon surpass the 600,000 apps on the iPod Touch, iPhone, and iPad. All of the apps on the Apple App Store are subject to approval before they can be fully released, stemming the tide of new apps for a short while.

The quality of Android apps has only been increasing. What are some of your favorite new and old Android apps? Share what you think in the comments.

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