The new version is working well for me, and syncs flawlessly with the desktop version of Things 1.1.2 The new version of Things iPhone now allows you to choose what to display on the icon badge. It does not, as far as I can tell, alow you to edit Project due dates directly; this still has to be done on the desktop version, which currently is a bit of a disappointment for me. I like to reorder things around on the go, and so far there are still a few functions left out of the iPhone version.
It’s definitely getting there though. You can visit the Cultured Code website and drool in envy at the GTD swank they’re displaying.