iOS 4.3 Cancel App Downloads

Apple iPhone - iOS 4.3 Finally Bringing Ability To Cancel App Downloads

Yes, finally. Apple is making it possible with iOS 4.3 to cancel the download of an app mid-progress on both the iPhone and iPad. There have been many times where we started downloading an app only to realize its excessive size and wanted to cancel. Unfortunately until now, we was just stuck with it on our homescreen until it finally completes or somehow disappears after a reboot.

It is quite simple to use the feature. All we have to do is enter the
icon arrangement mode (Wiggle mode as we normally do to delete an
app. This time however, we'll notice the appear over the currently
downloading app as well. Just hit it, confirm and iOS will proceed to
interrupt the download and delete the app.

iPhone iOS
Does this also cancel a purchase?

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I doubt... I believe the purchase is made before it starts downloading.
The only benefit here is it solves the problem of having a "ghost" icon being
stuck on your home screen.