One of our top paid iPhone apps of 2012, Fantastical, has just been updated with a slate of new features that makes the fantastic calendar app even better.

First up, in version 1.0.3, users can now choose a specific calendar for new events, which makes it easier if you have separate calendars. The new version also features improved handling when changing a new event’s end date and when switching between all-day and timed events.

And when creating an event, tapping the Show Details button before entering a sentence now defaults to a timed event. Also, for Exchange users, the “unavailable” status will now say “out of office.”

Fanstastical is designed for the iPhone/iPod touch but is compatible with the iPad. It can be downloaded in the App Store now for $3.99. I’ve been using the app since it was released, and I can definitely say it is worth downloading.

From developer Flexibits, the app was a nice surprise when it hit the App Store late last year. In our original review, Christine Chan said Fantastical easily surpasses every calendar app available, including Apple’s stock app.

Along with the App of the Year award, Fantastical was also named the AppAdvice App of the Week award winner in early December.