How can I cancel an app installation on the iPhone?

I started downloading an app then realized that it's really big (over 600 MB) and that I don't want it anymore. Is there any way to cancel the installation?

I just figured out one way to do this:

1. Pause the download on the iPhone by tapping the icon.
2. Connect the iPhone to iTunes. This will cause iTunes to start downloading the app.
3. Go to the Downloads tab in iTunes and delete the download.

1. Pause the download by tapping the icon
2. Turn the phone completely off (with red slider) thus disconnecting the phone from the app store
3. Turn the phone back on, when prompted to sign into the app store click cancel so that the download does not resume
4. Press and hold an icon to enter "shakey" mode
5. You should now be able to delete the icon/download by tapping it. I was prompted that I would still be able to down load from the app store