No, no... I created an account just to reply...
First of all, you are mixing applications (Coverflow) with hardware elements (Accelerometer, Magnetometer).
You're right that the accelerometer covers two dimensions but the magnetometer covers just one. They complement each other to make three.
The accelerometer measures the phone's orientation with respect to gravity. So it can measure pitch and roll, because as you pitch and roll the phone one end is going to be higher than the other end and the accelerometer can detect the slope.
When you yaw the phone its orientation does NOT change with respect to gravity. It remains flat all around. So for 12 months Apple has told developers, "we can give you the location, pitch and roll of the phone, but not the yaw."
The magnetometer fills in the yaw by using the magnetic field of the Earth rather than the gravitational field. Now developers have everything about position and orientation. (Except a more precise GPS antenna...)
This app uses both the accelerometer and the magnetometer to show how pitch, yaw and roll all work in unison, and I think it looks great.