Looks like a good start, I have been waiting for a good Geocaching app to come out.
But from what I can tell so far from reading the reviews and looking at the ap in itunes, I can do most of the stuff the app does right from the WAP site they have. (other than use current location)
I'll be keeping my eye on this one thought, thanks for the post! If they add in the updates that are being requested, I'll be purchasing it for sure.