It looks pretty interesting and, yes, I can see how its clean lines are seductive. The price (50% off and still $6.99), though, is not. If they can get that, good on them! For me, I would be looking at it seriously at $1.99 max.
I think that $0 - $0.99 - $1.99 application price expectation will hurt the mobile software business in the long term.