It now supports TextEdit files and text-to-speech for PDFs and TXT files. That's pretty good. They did well on just using the iOS systemwide speech stuff instead of just a basic implementation of their own (because we all know how bad PDFs can be
).
I did try opening a TextEdit file from iCloud and was impressed. It was something I had copied from a webpage that had tables and the like, and it was 100% intact. I think it will be good for people who don't like their ePubs and PDFs, but don't want to go through too much trouble in making them better, especially when your only option is using an editor.
The only problem is that your images will be intact and won't be compressed if you downscale them. But you can open stuff in GoodReader without importing, so I'm not sure how much of a problem that really is.
The price has since moved up to $4.99. Still not a bad deal. It has gotten eight updates since it came out.