TrainTime gives you real-time train arrival information for routes with digital displays in the NYC Subway System.
You can see how long before the next train arrives on the 1, 2, 3, 4, 5, 6 lines and the 42nd street Shuttle.
NOTE: This app is not made by the MTA, I am not affiliated with the MTA. This is just a port of the iPhone version which is just as bad.
Much better apps now exist and this same data is now included in the Google Maps app already installed on your device.