There is a new free app displaying Swatch .beats/Internet Time. @beat by Christophe Dirac displays local 24-hour time and date along with the current beats and tenths (decibeats). It also shows a slide show of the first 50 images in your camera roll and works in landscape mode. There are no options. Tapping the "i" brings up a tribute to Internet Time inventor, Nicolas Hayek, who recently passed away, and a very brief history of Internet Time, although no description is given for what .beats actually are.
The app store search function does not recognize non-alphanumeric characters, so try searching for a combination of "beat" and the author's name.
Update (MJD 55418.253): I noticed that the photo linked here has changed, which is because the app has been updated. Although not yet published in the app store, there are some new features, such as local temperature and humidity, day of week, choice of background colors and text-to-speech. See the author's site for complete details.